In Figure 5.2, what output would a perfect competitor produce? 
Figure 5.2
A. Q1
B. Q2
C. Q3
D. 0
Answer: B
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Which of the following is true?
A) National income = Consumption - Savings + Taxes B) National income = Consumption + Savings + Taxes C) National income = Consumption + Savings - Taxes D) National income = Consumption - Savings - Taxes
Assuming that the demand and supply of a good have moved in the same direction, and by the same amount, the new equilibrium would represent: a. an increase in price and an increase in quantity exchanged
b. no change in price and an increase in quantity exchanged. c. a decrease in price and a decrease in quantity exchanged. d. no change in price, and an indeterminate change in quantity exchanged.
If output rises, then income
a. drops by an equal amount b. remains stable c. rises twice as fast as output d. rises slowly e. rises by an equal amount
The European Union is the oldest, largest, and most ambitious integration agreement in the world today
Indicate whether the statement is true or false