A U.S. family earning $80,000 would be in the top 20 percent of income distribution in 2011
a. True
b. False
Indicate whether the statement is true or false
False
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One of moneys primary roles in the economy comes from the use of money to transfer purchasing power to the future. This role of money is called
A) store of value. B) unit of account. C) medium of exchange. D) standard of deferred payment.
Suppose France imposes a tariff on wine of 3 euros per bottle. If government revenue from the tariff amounts to 30 million euros per year and if the quantity of wine supplied by French wine producers, with the tariff, is 8 million bottles per year, then we can conclude that
a. the quantity of wine demanded by France, with the tariff, is 18 million bottles per year. b. the quantity of wine demanded by France, without the tariff, would be 24 million bottles per year. c. the amount of the deadweight loss is 24 million euros per year. d. the tariff causes French buyers of wine to pay 2 euros more per bottle than they would pay without the tariff.
When interest rates fall
a. firms want to borrow more for new plants and equipment and households want to borrow more for homebuilding.
b. firms want to borrow more for new plants and equipment and households want to borrow less for homebuilding.
c. firms want to borrow less for new plants and equipment and households want to borrow more for homebuilding.
d. firms want to borrow less for new plants and equipment and households want to borrow less for homebuilding.
An apple farmer must decide how many apples to harvest for the world apple market. He knows that there is a one-third probability that the world price will be $1, a one-third probability that it will be $1.50, and a one-third probability that it will be $2. His cost function is C(Q) = 0.01Q2. The farmer's maximum expected profit is:
A. $0. B. ?$7.75. C. $7.75. D. None of the answers are correct.