The large increase in household wealth in the United States in the 1990s was the result of:
A. large capital gains.
B. a low saving rate.
C. a high saving rate.
D. high rates of inflation.
Answer: A
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If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the incremental profit from the last unit sold is $7
Indicate whether the statement is true or false
Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:
A. 0.64 B. 0.20 C. 15.38 D. 0.42 E. 2.00
A constant-cost industry is one in which:
A. input prices do not change as output changes in the long run. B. supply is highly inelastic. C. the short-run supply curve is horizontal. D. All of these
Does Keynes' law apply more accurately in the long run or the short run?
What will be an ideal response?