Goods that are very useful and highly desired are likely to be
A) expensive if they are relatively abundant.
B) inexpensive if they are relatively abundant.
C) inexpensive if they are relatively rare.
D) expensive no matter if they are relatively abundant or rare.
B
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At price P3in Figure 4-21, what will tend to happen?
A. There will be a shortage, and the price will fall. B. There will be a shortage, and the price will rise. C. There will be a surplus, and the price will rise. D. There will be a surplus, and the price will fall. E. Equilibrium will occur in the market.
Suppose a profit-maximizing firm in a perfectly competitive market is collecting $1,999 in total revenues. If the total cost of its fixed factors of production falls from $500 to $400, the firm will:
A. lower its price. B. earn smaller profits or larger losses. C. expand its output. D. earn greater profits or smaller losses.
Consumption is $5 million, planned investment spending is $8 million, government purchases are $10 million, and net exports are equal to $2 million. If GDP during that same time period is equal to $27 million, what unplanned changes in inventories occurred?
What will be an ideal response?
Which of the following is NOT an important source of revenue for the federal government?
A) individual income taxes B) property taxes C) social insurance taxes and contributions D) corporate income taxes