Supposing the market price for a price taking firm is known to be $5, the total revenue accruing to it if it sells 100 is ________ and the total revenue accruing to it if it sells 200 is ________.
A. $500; $1000
B. $500; $500
C. $5; $5
D. $100; $200
Answer: A
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The U.S. employment-to-population ratio peaked in 2000 and in 2012 fell to 58 percent, a level not seen since the early 1980s. This fall in the employment-to-population ratio ________ the equilibrium quantity of labor and ________ potential GDP
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Consider an economy where the only goods traded are coconuts and pineapples. Last year, 100 coconuts were sold at €1 apiece, and 200 pineapples were sold at €2.50 apiece. If the money supply was €100, what was velocity?
A. 30 B. 15 C. 6 D. 5
If the MPC = .80, and investment rises from $100 to $150, real GDP will increase by:
A. $50. B. $125. C. $200. D. $250.
After looking at this year’s Census figures on income, your friend Eddie remarks disgustedly, “Income inequality is such a major problem in this country.” How might you use the consideration of time to temper his statement?
What will be an ideal response?