At the equilibrium level of real GDP, total production equals total:
A. saving.
B. investment.
C. net exports.
D. spending.
Answer: D
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Based on the data in the above table you can conclude that the
A. marginal utility of the third unit is 4 utils. B. total utility of 2 units is 4 utils. C. marginal utility of the fourth unit is 14 utils. D. marginal utility of the sixth unit is 0 utils.
"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets. B) taking what they believe is an efficient strategy for acquiring a scarce good. C) planning to cooperate with the sellers of the concert tickets. D) doing all the above.
Refer to Figure 12-2. The firm breaks even at an output level of
A) Q1 units. B) Q2 units. C) Q3 units. D) Q4 units.
The “War on Poverty” was declared by President Ronald Reagan in 1982.
Answer the following statement true (T) or false (F)