The metaphor used to describe the working of the price system to achieve efficiency in a free market is
A. Occam’s razor.
B. the prisoner’s dilemma.
C. the invisible hand.
D. the benefit principle.
Answer: C
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At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus. B. total amount spent by buyers on the product. C. market consumer surplus. D. total profit of sellers.
If the Chinese Yuan devalues against the US dollar, then
a. Both the US exporters and Chinese exporters would benefit b. The US exporters would benefit while the Chinese exporters would be hurt c. The US exporters would be hurt while the Chinese exporters would benefit d. Both the US exporters and Chinese exporters would be hurt
A major Internet service provider decides to spend $70 million to purchase new server equipment. If the marginal propensity to consume is 0.8, the eventual change in GDP will be
a. $40 million. b. $50 million. c. $90 million. d. $350 million. e. $850 million.
Among female workers over age 25, about what percent has a college degree? What is this percentage for black female workers over age 25?