The use of the coordinate system allows
a. for the display of the flows of dollars, goods and services, and factors of production in an economic system.
b. for the display of how labor and other resources are organized in the production process.
c. for the display of two variables on a single graph.
d. for the creation of pie charts and bar graphs.
c
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If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is
A) $5. B) $12.50. C) $25. D) $125.
A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income
To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to: A) c(I/Q) B) c(Q/I) C) -b(I/Q) D) Q/(cI)
The largest share of federal government tax receipts is derived from
A) corporate income taxes. B) excise taxes. C) social insurance contributions. D) individual income taxes.
The Fed conducts an open-market sale of Treasury bills of $5 million. If the required reserve ratio is 0.20, what change in the money supply can be expected using the oversimplified money multiplier?
A. $25 million B. $5 million C. 0 D. ?$5 million E. ?$25 million