A firm's agents are its
A) shareholders.
B) management.
C) marketing department.
D) customers.
B
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The idea that the Lorenz curve should be along the 45 degree line is consistent with
A) the productivity standard. B) the egalitarian principle. C) the conservative principle. D) none of the above.
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
Given the scenario described, if the market price of grills falls from $395 to $340, then we can say: A. Abe's consumer surplus increases from $5 to $60, and total consumer surplus increases from $5 to $70. B. Abe's consumer surplus decreases from $60 to $5, and total consumer surplus decreases from $70 to $5. C. Collin's consumer surplus increases from $0 to $20, and total consumer surplus increases from $5 to $70. D. Butch's consumer surplus decreases from $10 to $0, and total consumer surplus increases from $10 to $80.
Monetarists believe
A) Real GDP is not determined by M in the long run. B) velocity is constant. C) the SRAS curve is vertical. D) a and c E) a, b and c
According to monetarists, a fiscal deficit will be associated with an increase in real output:
A. regardless of the character of accompanying changes in M or V. B. only if it is accompanied by an increase in the demand for money. C. only if it is accompanied by an increase in the supply of money. D. only if it is financed by selling government bonds to the public.