A person's wealth is the total value of all the things they own.
Answer the following statement true (T) or false (F)
False
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How can a firm have a negative valued added, as supposedly some state-owned businesses did in the former Soviet Union? What has to be true for value added to be negative?
What will be an ideal response?
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?
A) 500 = 2F + 100S B) F = 250 - 50S C) S = 5 - .02F D) All of the above
If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A) demand is elastic in this price range. B) the product's price is above the midpoint of its demand curve. C) demand is inelastic in this price range. D) the demand curve is horizontal.
If the economy in the graph shown is currently at point B, and the government increases its spending, the likely outcome will be that the:
A. economy will increase its level of output.
B. economy will experience deflation.
C. economy's unemployment rate will increase.
D. All of these are likely to be true.