Refer to the information provided in Table 3.1 below to answer the question(s) that follow.
Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $6, there is an excess
A. demand of 300 pizzas.
B. supply of 1,000 pizzas.
C. supply of 700 pizzas.
D. demand of 600 pizzas.
Answer: A
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Economic variables that generally turn down after a recession begins and turn back up after the recovery starts are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
The reason for the multiplier effect is that
A. businesses make decisions about investment projects based on anticipated profits. B. one person’s additional expenditure creates a new source of income for another person, and this additional income leads to still more spending. C. changes in government spending typically deepen recessions and exacerbate inflationary conditions in the economy. D. additional spending lowers the rate of interest and leads to further borrowing and spending.
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
Who among the following groups will most likely benefit if the exchange rate is pegged at $2.50 per pound?
A. British importers B. Import-competing producers in the U.K. C. U.S. importers D. British exporters
Which of the following is NOT a private cost?
A) the health insurance costs a firm must pay for its employees B) the pollution caused by a firm dumping its wastes into the river C) the coffee pot that Jan dropped and broke this morning D) the amount that a firm must pay for raw materials to make its product