In Figure 4.2, at quantities at Q1:
A. price and total revenue are unrelated.
B. total revenue is maximized.
C. price elasticity equals 1.
D. All of these
Answer: D
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Is discount lending used to keep banks from failing? Explain.
What will be an ideal response?
Refer to Figure 6.8. If your city imposes a tax of $100 per apartment:
A. consumers take the entire burden of the tax. B. landlords take the entire burden of the tax. C. consumers pay $60 and landlords pay $40 tax per apartment. D. consumers pay $40 and landlords pay $60 tax per apartment.
The decrease in the price of gasoline to a national average of less than $2.0 during the summer of 2016 was most likely a result of
A) an increase in demand due to reduced summer driving. B) an increase in supply resulting from higher refinery output. C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.