At the equilibrium price, Question 30 options:
A. the quantity demanded equals supply.
B. the government is setting the price.
C. the quantity supplied equals demand.
D. the quantity demanded equals the quantity supplied.
E. there can be either a small surplus or a small shortage.
D. the quantity demanded equals the quantity supplied.
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Suppose the following information describes the economy:GDP2,000Consumption1,500Government Spending300Net taxes400Private saving equals ________ and national saving equals ________.
A. 100; 200 B. 200; 500 C. 100; 100 D. 200; 300
To obtain the gains available from comparative advantage, individuals or countries must do more than specialize; they must also
A) save. B) invest. C) engage in research and development. D) trade.
Assume the government reduces your welfare check by $1 for every $2 that you earn on the job while on welfare. How will this tax affect your labor supply decisions? What is the implicit tax rate of such a policy?
What will be an ideal response?
In an indifference map, one would most likely see indifference curves that:
a. are positively sloped. b. intersect at the origin. c. cross at the equilibrium point. d. are bowed inward toward the origin. e. represent greater utility as they approach the origin.