Quantity of Frozen Latte-On-A-Stick SuppliedPriceFlo's SupplyRita's Supply10020334649951512
Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 3, the price must be:
A. $0.
B. $2.
C. $4.
D. $5.
Answer: B
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Answer the next question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$450$425$2,000Year 25004503,000Year 36005004,000Year 46406205,000Year 56805804,800Year 66006205,000If year 1 is the first year of this nation's existence and year 4 is the present year, the public debt as a percentage of GDP in year 4 is
A. 3.9%. B. 2.5%. C. 1.39%. D. 7.5%.
In the Keynesian model, changes in aggregate supply
a. are the primary determinant of inflation. b. could only destabilize the economy. c. are ignored. d. None of the above
While it is possible to erect barriers to foreign competition and save domestic jobs, restricting international trade may impose large costs on an economy
a. True b. False Indicate whether the statement is true or false
Which of the following events best exemplifies the concept of signaling?
a. A college student's parents, having learned that their child is short of money, send her a check for $1,000. b. A new company making high quality bicycles at a reasonable price sends free bikes to reviewers working for bicycle magazines. c. A grocery store maintains a policy of examining the driver's license of everyone who writes a personal check to purchase his groceries. d. A university maintains a policy of considering for admission only those students who graduated among the top ten percent of their high school class.