Figure 10-6
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In Figure 10-6, the price at long-run equilibrium is
A. $5.
B. $10.
C. $20.
D. $35.
Answer: C
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If a consumer is given a $10 gift certificate good for items in store X, and all items in store X are inferior goods, then the consumer desires to consume:
A. fewer goods in store X. B. the same amount of goods in store X. C. more goods in store X. D. None of the statements is correct.
The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A. equilibrium. B. maximization. C. optimization. D. market collapse.
Present value analysis suggests that high-income earners
A. make a competitive real rate of return through Social Security. B. can make an average real rate of return through Social Security only if they live to age 100. C. cannot make an average real rate of return through Social Security even if they live past 100. D. can make an average real rate of return through Social Security only if they live to age 65.
When describing the IMF broad country classification, the most accurate statement is that
A) most of the nations in Western Europe are considered emerging market economies. B) the emerging market economies are countries that were, until the early 1990s, part of the Soviet Union or its satellites. C) about 50 percent of the world's population live in the advanced economies and the other 50 percent live in the emerging market and developing economies. D) most of the world's population lives in advanced economies. E) the category with the greatest number of countries is the advanced economies.