If demand is represented as Qd = 20 - 3P and supply is represented as Qs = 4 + 5P, the demand curve intersects the y axis at a price of ________ and the supply curve intersects the y axis at a price of ________
A. $3; $5
B. $24; $2
C. $20; $4
D. $17; $9
Answer: C
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The long-run Phillips curve shows the relationship between
A) real GDP and the natural unemployment rate. B) the nominal interest rate and real interest rate. C) real GDP and potential GDP. D) the inflation rate and the natural unemployment rate. E) the inflation rate and the unemployment rate.
The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive, what government policy might move the market closer to efficiency?
A) The government could subsidize the production of steel. B) The government could tax the production of steel. C) The government could issue vouchers to steel consumers. D) None of the above answers is correct.
The federal agency that regulates the New York Stock Exchange is the
a. Securities and Exchange Commission b. Department of Justice c. Department of Commerce d. Federal Reserve Board e. Department of the Treasury
If there are an estimated 20,000 barrels of unknown reserves of oil, annual consumption of oil is 800 barrels, and it is estimated that the supply of oil will be depleted in 50 years, how many barrels of known reserves of oil are there estimated to
be, all else equal? A) 1,250 B) 16,000 C) 20,000 D) 320,000