Supposing the market price for a price taking firm is known to be $2, the total revenue accruing to it if it sells 100 is ________ and the total revenue accruing to it if it sells 200 is ________.
A. $100; $200
B. $200; $400
C. $2; $2
D. $200; $200
Answer: B
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If the marginal propensity to save is 0.4 and disposable income increases from $1,000 to $1,500, saving will increase
A) $300. B) $200. C) $100. D) $400.
The London gold fixing is an example of a(n)
A) dealer market. B) Walrasian auction market. C) brokered market. D) secondary market.
The problem with using a basic needs measure of poverty is that
a. the median income changes b. what we think of as basic needs now differs from what basic needs were 20 years ago c. we don't know how to measure basic needs d. basic needs is a relative concept of poverty e. population changes
Which of the following is likely to be present in a perfectly competitive market structure?
a. barriers to entry b. advertising of products c. differentiated products d. many buyers and sellers