Inflation rates in the U.S. reached double-digit rates in the:
A. 1960's
B. 1970's
C. 1990's
D. 2000's
B. 1970's
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Suppose that the demand for medical services can be characterized by the equation P = 100 - Q. Suppose further that the supply of health services can be characterized by the equation P = Q + 50.
(a) What is the equilibrium quantity and price in the market for health services? (b) In an effort to make health services more affordable, the government restricts the price of health services to be no greater than $65. What will happen to the quantity of health services in the market?
A large increase in Micromania's exports to other countries will cause, ceteris paribus, Micromania's currency to appreciate
Indicate whether the statement is true or false
For a large firm that produces and sells automobiles, which of the following costs would be a variable cost?
a. the unemployment insurance premium that the firm pays to the state of Missouri that is calculated based on the number of worker-hours that the firm uses b. the cost of the steel that is used in producing automobiles c. the cost of the electricity of running the machines on the factory floor d. All of the above are correct.
Jack's Lock and Key is considering remodeling. It estimates that the remodeling will cost $6,000 and that as a result revenues will rise by $3,000 the first year, $2,500 the second year, $1,500 the third year and have no effect after then. If the interest rate is 5%, should Jack's remodel? Defend your answer by showing your work