In the country of Wilkes, taxes are $5 million and benefits are $4 million. Income from labor is $25 million and income from capital is $15 million. What is market income?
A) $20 million
B) $39 million
C) $40 million
D) $9 million
C
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The Keynesian AS curve differs from the classical AS curve in that:
a. the classical AS curve assumes flexible nominal wages. b. the Keynesian AS curve is upward sloping. c. the Keynesian AS curve focuses on short-run behavior. d. b and c. e. all of the above.
If the price of gasoline increases from $2.50 per gallon to $3
00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximately A) 0.23. B) 4.35. C) 0.93. D) 2.34.
During World War II, price supports for agriculture:
a. were not generally needed because of high demand. b. were considered by Congress but never enacted. c. were rescinded in order to encourage reductions in output. d. led to decreases in the supply of many products.
In a perfectly competitive market,
a. no firm can earn an economic profit b. it is possible for each firm to earn an economic profit in the short run c. firms determine the market price and consumers determine the market quantity d. consumers determine the market price, and firms decide how much to produce at that price e. the market demand curve is a horizontal line at the market price