Refer to Figure 4.5. If all 10 students choose Solid, each student will earn ________ extra points
A) 0
B) 2
C) 4
D) 6
A
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According to Keynesian economics, if there are unutilized resources in the economy and aggregate demand increases
A) real GDP will fall and price level will remain constant. B) real GDP will rise and price level will remain constant. C) real GDP will rise and price level will fall. D) real GDP will rise and price level will rise.
The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable cost is $5 for 10,000 widgets. At that level of output, the firm's average total costs equal
a. $10 b. $15 c. $100 d. $150
Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand of 1.2 indicates an:
A. inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. B. elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. C. inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price. D. elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
In a market economy:
A. businesses design their plans to maximize their profit and the market is relied upon to see that individual self-interest is consistent with society's interest. B. workers are directed by government planning boards to produce what is in society's best interest. C. government owns the means of production so that it can produce what is in society's best interest. D. government sets prices to make necessities affordable because it is in society's best interest to make necessities affordable.