Figure 6-8
Libya sold more crude oil in 1985 than it sold five years earlier, but revenues were 17 percent less. Which graph in Figure 6-8 is consistent with this set of facts?
A. 1
B. 2
C. 3
D. 4
Answer: C
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An economy is experiencing a high rate of inflation. The government wants to reduce aggregate demand by $36 billion to reduce inflationary pressure. The MPC is 0.75. By how much should the government raise taxes to achieve its objective?
A. $9 billion B. $6 billion C. $16 billion D. $12 billion
Centrally planned economies tend to grow more quickly than market economies
Indicate whether the statement is true or false
A defendant believes there is a 50 percent chance that the plaintiff will win $1,000,000 and a 50 percent chance that the plaintiff will lose and be awarded nothing (zero). The plaintiff believes that there is a 40 percent chance that they will win $1,000,000 and a 60 percent chance that they will be awarded nothing (zero). The plaintiff's litigation cost is $200,000 and the defendant's
litigation cost is $300,000. The defendant would be willing to pay any amount up to ________ to settle and the plaintiff would be willing to accept any amount greater than ________ to settle. A) $600,000; $400,000 B) $800,000; $200,000 C) $200,000; $800,000 D) $700,000; $100,000
Firms are encouraged by the profit motive to use inputs efficiently
a. True b. False Indicate whether the statement is true or false