Refer to the table below. The average benefit of 2 units of activity is:Units ofActivity TotalCostTotalBenefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. $60
B. $80
C. $20
D. $40
Answer: B
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Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.
On a Lorenz curve graph, the area between the line of equality and the Lorenz curve is 2,000, and the entire area beneath the line of equality is 5,000. What does the Gini ratio equal?
What will be an ideal response?
Airlines generally charge travelers willing to stay over Saturday night lower fares because
a. these travelers have lower incomes, and therefore, the airlines would like to help them. b. it cost less to transport travelers willing to stay over a Saturday night. c. the demand of these travelers is elastic, and therefore, the lower fares generate more revenue. d. the demand of these travelers is inelastic, and therefore, the lower fares generate more revenue for the airlines.
The liquidity effect is the
A) increase in the interest rate brought on by an increase in GDP. B) increase in the interest rate due to a higher expected inflation rate. C) decrease in the interest rate due to an increase in the supply of loanable funds. D) response, in terms of rate of flow, of the money supply to a change in government spending. E) rate of change in the price level caused by a change in the supply of money.