Planned aggregate expenditure is total:
A. income of households, businesses, governments, and foreigners.
B. planned spending on final goods and services.
C. value added in the economy.
D. revenue from the sale of goods and services.
Answer: B
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Arturo actually values his home at $120,000 and claims he values the home at $120,000. In an eminent domain situation, the government would pay Arturo ________ for his home
A) exactly $120,000 B) more than $120,000 C) less than $120,000 D) the fair market value
Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when Q is equal to 5, average revenue and marginal revenue are equal to ________ and ________
A) $75; $75. B) $85; $85. C) $75; $60. D) $60; $60.
Suppose the demand for X is given by Qxd = 100 - 2PX + 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income and A is the amount of advertising on good X. Based on this information, we know that good X is a
A. complement for good Y and a normal good. B. substitute for good Y and an inferior good. C. complement for good Y and an inferior good. D. substitute for good Y and a normal good.
Which of the following is an example of the free-rider problem?
A. a fast food employee who is provided food at work B. a student who refuses to buy a college catalog C. a neighbor who refuses to help pay for a street light that is intended to help reduce crime D. a law enforcement officer who receives a uniform from the police department