Refer to the figure above. If the capital stock is fixed at $300, what is the consumption in the economy?
A) $3,000 B) $4,000 C) $2,000 D) $5,000
C
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Suppose a glass of orange juice has a price of $2 and a glass of soft drink has a price of $1 . If the consumer is maximizing utility,
a. juice must have higher MU than soda drink b. the soft drink must have higher MU than juice c. both must have equal MU d. consumers would buy more soda drink than orange juice e. the consumer would buy twice as much orange juice as soft drink
In the early 1900s tariffs accounted for ____________ of all federal government revenues, whereas today they account for less than ____________ percent
A) one-tenth; 4 B) half; 0.5 C) one-quarter; 5 D) half; 2
Milton Friedman and Edmund Phelps ______ the Phillips curve in the 1960s.
a. eliminated b. promoted c. invented d. criticized
Recessions begin at ________ and end at ________.
A. the highest unemployment rate; the lowest unemployment rate B. a trough; a peak C. a peak; a trough D. the lowest unemployment rate; the highest unemployment rate