What must be true for a consumer to buy a good or service?
A) The price must be equal to or less than the marginal benefit.
B) The total benefit received must equal the total spent to buy the good or service.
C) The consumer must be able to obtain some consumer surplus.
D) The consumer must not be able to produce the product.
E) The price must be equal to or greater than the marginal benefit.
A
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Refer to Table 8-22. Consider the data above for a simple economy: Using 2011 as the base year, calculate nominal GDP, real GDP, and the GDP deflator for 2016. Show your work.
In the wake of the Reagan "supply-side" tax cuts of the early 1980s, growth in the labor-force participation rate ________ and the personal saving rate ________
A) increased, rose B) increased, fell C) decreased, rose D) decreased, fell
When a firm faces a perfectly competitive market and buys its inputs from perfectly competitive markets, the only choice the firm has to affect its profits is to:
A. increase its selling price. B. change the quantity it produces. C. decrease its cost of production lower than other firms. D. decrease the selling price.
Refer to the information provided in Table 23.2 below to answer the question(s) that follow.
Table 23.2
Refer to Table 23.2. Society's MPS is
A. 0.1. B. 0.2. C. 0.3. D. 0.9.