If the quantity of fishing poles demanded is represented by the demand equation QD = 60 - P, then to solve for the price of fishing poles, the equation would be rewritten as
A) P = -60 + QD. B) P = QD + 60. C) P = 0.6QD + 10. D) P = 60 - QD.
D
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Ceteris paribus, deficit spending results in higher interest rates, which can
A) ultimately have a positive impact on productivity gains and society's standard of living. B) accelerate growth in investment spending. C) crowd out private investment. D) increase the wealth of future generations.
A normative economic statement:
a. is a model used to collect data. b. is a statement of fact. c. is a statement of what ought to be, not what is. d. indicates what will occur if certain assumptions are true.
The difference between the value of a good to sellers and its price is known as: a. consumer surplus. b. producer surplus. c. demand
d. supply.
The largest and costly welfare program in the U.S. is:
a. Social Security. b. Medicaid. c. Medicare. d. Unemployment Insurance.