In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
A
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Consider the budget line labeled RT in the above figure. What would shift the budget line to RS?
A) a rise in the price of good X B) a fall in the price of good X C) a rise in the price of good Y D) a fall in the price of good Y
In the United States, a patent gives the patent holder exclusive rights to an invention for typically how many years?
A) 20 B) 5 C) lifetime of patent holder D) 15
One problem with rent controls is that policy makers often ignore its secondary effects
a. True b. False
Which of the following statements best describes the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. In the long run, positive economic profit will be eliminated. d. None of these.