Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. At equilibrium, consumer surplus is area
A. G.
B. A.
C. A + B + C.
D. E + F + G.
Answer: C
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Let "C = Ca + by" define the consumption function. The term "by" is
A) the marginal propensity to consume. B) autonomous consumption. C) current income. D) consumption that depends on income.
Suppose Toyota produces 100,000 cars per year at its California plant at an average cost of $6,000 and it doubles output and total costs by building an identical plant in Kentucky. Toyota has exhibited
a. diminishing marginal returns b. economies of scale c. constant average costs d. an upward-sloping planning curve e. production inefficiency
The median-voter model attempts to explain
a. why law partners can seldom agree on the division of costs b. why, in a democracy, the preferences of the typical voter often will dominate other choices c. why democracies can evolve into dictatorships d. elections in which candidates present widely different platforms e. conditions under which majority rule is better than market exchange
____ is defined as the value of a households assists minus the value of its liabilities
Fill in the blank(s) with the appropriate word(s).