The market demand curve is calculated by:
a) Summing the quantities demanded from individual demand curves.
b) Averaging the price demanded from individual demand curves.
c) Averaging the quantities demanded from individual demand curves.
d) Summing the price from individual demand curves.
Answer: a) Summing the quantities demanded from individual demand curves.
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Answer the next question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$450$425$2,000Year 25004503,000Year 36005004,000Year 46406205,000Year 56805804,800Year 66006205,000The budget deficit in year 3 is
A. $3,050 billion. B. $295 billion. C. $175 billion. D. $100 billion.
Sara's Strawberry Market maximizes its total revenue by selling strawberries for $1.25 a basket. At a price of $1.25, you predict that ________
A) the demand for strawberries is inelastic B) Sara's sells most of the strawberries that she grows C) the demand for strawberries is elastic D) the demand for strawberries is unit elastic
If an person believes that it is likely that interest rates will increase, she is likely to hold less
A) money. B) real assets. C) stock. D) bonds.
Owners may have little to do with the management of the firm in the case of
A) partnerships. B) corporations. C) proprietorships. D) either corporations or proprietorships.