Refer to the information provided in Scenario 22.5 below to answer the question(s) that follow.SCENARIO 22.5: The tiny nation of Bugaboo consists of two virtually identical islands, Achoo and Zoink, separated by the Strait of Dingo. The islands are similar in geography and population. The only telephone service on the islands is cellular, and the only cellular provider on the islands is the government-owned Bugaboo Communications Company, which charges a standardized rate of 20 Bugabucks per minute. Both islands add on an additional $5 Bugabucks-per-minute usage tax. As a way to increase revenue, the island governor of Zoink decided to increase the usage tax to $10 per minute, effective January 1, 2017. The average monthly cellphone usage per month is listed in the table below.?Average
Monthly Telephone Use per Resident (minutes)Island20162017Achoo4,5005,150Zoink4,8005,225Refer to Scenario 22.5. The total cost of telephone service for residents of Achoo in 2016 is ________ Bugabucks.
A. 4,500
B. 22,500
C. 90,000
D. 112,500
Answer: D
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Which of the following is an example of the recognition lag?
A. The recession began in July, but the data did not confirm that fact for seven more months. B. Fearing inflation, the Fed reduced the money supply in March, but the aggregate demand did not begin to shift to the left until November. C. The aggregate demand initially shifted to the right in January, but did not fully shift until October. D. Once the recession was recognized, it took three months to formulate a new policy to combat it.
The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. When Omar produces 2 bushels of rutabagas, his total profit equals
A) $0. B) $20. C) $28. D) -$8. E) $48.
When the FOMC raises the federal funds rate, almost immediately ________ and a few weeks later the ________
A) short-term interest rates rise; quantity of money and supply of loanable funds decrease B) long-term interest rates rise; quantity of money and supply of loanable funds decrease C) short-term interest rates fall; quantity of money and supply of loanable funds decrease D) long-term interest rates rise; quantity of money and supply of loanable funds increase E) short-term interest rates fall; quantity of money and supply of loanable funds increase
Refer to Figure 22-4. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) B to A. B) A to C. C) E to B. D) B to C.