Federal poverty assistance programs spend close to which of the following amounts per year?
A) $10 billion
B) $150 billion
C) $750 billion
D) $3.5 trillion
Answer: C) $750 billion
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The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________
A) rises; decreases B) falls; perhaps changes but we can't say if it increases, decreases, or stays the same C) falls; increases D) does not change; perhaps changes but we can't say if it increases, decreases, or stays the same E) rises; perhaps changes but we can't say if it increases, decreases, or stays the same
Globo Public Supply has $1,000,000 in assets. Its demand curve is: P = 206 - .20•Q and its total cost function is: TC = 20,000 + 6•Q where TC excludes the cost of capital. If Globo Public Supply is UNREGULATED, find Globo's optimal price
a. $206 b. $106 c. $56 d. $6 e. $3
In monopolistic competition and ________, economic profit will move towards zero.
A. monopoly B. perfect competition C. natural monopoly D. oligopoly
Suppose the exchange rates between the United States and Canada are in long-run equilibrium as defined by the idea of purchasing power parity. If the law of one price holds perfectly, then differences between U.S
and Canadian rates of inflation would A) have no effect on nominal exchange rates. B) be completely offset by changes in the real exchange rate. C) be completely offset by changes in the nominal exchange rate. D) violate the conditions for the law of one price. E) lead to a change in the real purchasing power of each country's currency when it is converted to the other country's currency.