Answer the next question based on the following data. (These national income figures are in billions of dollars.)Personal consumption expenditures$4,500Consumption of fixed capital150Gross private domestic investment800Government purchases950Exports65Imports85GDP in this economy is ________.
A. $6,230 billion
B. $6,380 billion
C. $6,080 billion
D. $6,400 billion
Answer: A
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In a perfectly competitive market, if supply and demand fully reflect all of the costs and benefits associated with production and consumption, then total economic surplus is maximized when:
A. consumer surplus and producer surplus are equal. B. price controls keep prices low enough that most consumers can purchase the item. C. consumer surplus is greater than producer surplus. D. the market is in equilibrium.
The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing or decreasing; increasing B) increasing; increasing or decreasing C) increasing or decreasing; decreasing D) decreasing; increasing or decreasing
The owners of a company are its
A. stockholders. B. employees. C. bond holders. D. A and C.
Answer the following question on the basis of the data given for two regions, East and West, of a hypothetical world. The nations have the production possibilities for units of food and clothing given below.
Refer to the data above. The mutually beneficial terms of trade will be:
A. Greater than 4 units of food for 1 unit of clothing
B. Between 4 and 5 units of food for 1 unit of clothing
C. Between 2 and 3 units of food for 1 unit of clothing
D. Less than 2 units of food for 1 unit of clothing