Which of the following ultimately must decide what externalities should be addressed?
A. Consumers
B. Firms
C. The market
D. Government
Answer: D
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Total cost is equal to
a. TFC + TVC. b. TFC – TVC. c. TFC/TVC. d. TVC/TFC.
Let the marginal leakage rate be 0.5 while the marginal propensity to consume is 0.8. Then a $50 million reduction in autonomous taxes will cause autonomous consumption to ________ and equilibrium income to ________
A) fall by $50 billion; fall by $100 billion B) rise by $50 billion; rise by $100 billion C) fall by $40 billion; fall by $200 billion D) rise by $40 billion; rise by $80 billion
Refer to the data provided in Table 17.5 below to answer the following question(s). The table shows the relationship between income and utility for Lucy. Table 17.5 IncomeTotal Utility $00$10,00010$20,00020$30,00030$40,00040Refer to Table 17.5. Lucy earns $20,000 annually. She has the opportunity to bet her entire salary on the upcoming super bowl. If Lucy takes the bet, she will pick the Packers. She believes that the Packers have a 50-50 chance of winning the game. If the Packers win, then Lucy will win $38,000. However, if they lose she loses her entire salary ($0). Will Lucy take the bet?
A. yes B. no C. maybe D. indeterminate from the given information
Refer to the data. If year 2 is chosen as the base year, real GDP for year 1 is:
Assume an economy that is producing only one product. Output and price data for a three- year period are as follows. Answer the question on the basis of these data.
A. $25.
B. $100.
C. $20.
D. $80.