Using the above figure, at which price is there neither excess quantity demanded nor excess quantity supplied?
A) P1
B) P2
C) P3
D) none of these
B
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Aggregate expenditure is total:
A. spending on final goods and services. B. value added in the economy. C. revenue from the sale of goods and services. D. income of households, businesses, governments, and foreigners.
Which of the following formulas defines average cost?
A. AC = TC/Q B. AC = MRP = MFC C. AC = MPP/Q D. AC = TC?Q
An argument supporting promotion of the urban informal sector is
(a) the formal sector is incapable of providing enough employment. (b) informal sector workers are poorly educated. (c) it uses a relatively high capital intensity. (d) it would reduce urban bias.
The percentage of the federal budget devoted to Social Security has
A. always been negligibly small. B. increased dramatically over the last decade. C. remained steady over the last decade. D. decreased dramatically over the last decade.