Examine Figure 36.1, which shows the market for K-12 education in an economy. If K-12 education is completely subsidized, ________ students will be educated.
A. 40,000
B. 20,000
C. 40,640
D. 10,340
Answer: A
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During World War I (1914–18), national debt soared, leading to
(a) money creation and inflation. (b) money creation and deflation. (c) money destruction and inflation. (d) money destruction and deflation.
In the problem of double marginalization, the resulting price is higher than if
a. The manufacturer were to sell directly to the consumer b. The manufacturer and the retailer were to merge c. All of the above d. None of the above
Economic models are used primarily to
a. predict behavior under specific circumstances b. make an exact reproduction of one facet of the economy c. increase the mathematical complexity and rigor of economics d. provide simple answers to simple questions e. give accurate forecasts of the future
Irving Fisher derived the quantity theory of money from the equation of exchange. What two assumptions did he make to derive the theory and what is the basic assertion of the theory?
What will be an ideal response?