Exhibit 5-5 Demand curve for computers
?
In Exhibit 5-5, the total revenue at point B on the demand curve equals:
A. OA.
B. CB.
C. AB.
D. OABC.
Answer: D
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Which of the following expenditures is classified as a discretionary expenditure of the U.S. federal government?
A) federal employee pensions B) student loans and grants C) Social Security D) food stamps
The Great Depression provided support for Keynes' view that
a. government action was necessary to ensure interest rates remained at the equilibrium level. b. prolonged periods of unemployment would be present when demand is deficient. c. falling resource prices would bring the economy out of a recession. d. lower interest rates would quickly restore the full employment equilibrium of an economy.
The collapse of communism in eastern Europe after 1989 created a major shift in the world and led to what is known as the
a. global war on terror. b. free market society. c. rise in multipolarity. d. third wave of democratization.
Assume the price of Coca-Cola increases. As a result, your real income decreases and you decrease the quantity of Coca-Cola purchased each month. This is an example of the:
A. income effect. B. consumer price effect. C. revenue effect. D. substitution effect.