The quantity supplied of bagels is 100 at the unit price $1. Suppose the price elasticity of supply by the initial value method is 1.5, and you would like to induce sellers to increase the quantity of bagels supplied to 130. Then the new price for bagels must be:
A. $11.
B. $10.20.
C. $1.20.
D. $1.10.
Answer: C
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In the United States, GDP is typically measured
A) monthly. B) quarterly. C) daily. D) weekly.
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, gross domestic product is
A. $6,995 billion. B. $6,340 billion. C. $6,170 billion. D. $7,080 billion.
Medicare, Part B premiums are
A. quite low, relative to what private insurance would charge. B. in line with what private insurance would charge. C. just above what private insurance would charge. D. quite high, relative to what private insurance would charge.
In the above figure, if this natural monopolist were forced to use marginal cost pricing, it would sell the product at the price
A. A. B. C. C. E. D. F.