Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If twelve microwave ovens are produced, Micro Oven's total variable costs are
A. $300.
B. $500.
C. $800.
D. $1,300.
Answer: B
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If the price elasticity is 1.50 for the demand of vanilla lattes, then if the seller raises price by 10 percent, then quantity demanded for the product will
A. rise by 15 percent. B. fall by 15 percent. C. fall by 1.5 percent. D. fall by 67 percent.
A borrowed reserves target is ________ because increases in income ________ interest rates and discount loans, causing the Fed to ________ the monetary base, everything else held constant
A) procyclical; increase; increase B) countercyclical; increase; increase C) procyclical; reduce; reduce D) countercyclical; reduce; reduce
The benefit principle is the idea that people should pay taxes based on the benefits they receive from the services those taxes provide
a. True b. False Indicate whether the statement is true or false
Assume the price of pizza decreases. As a result, your real income increases and you increase the quantity of pizza purchased each month. This is an example of the:
a. substitution effect. b. income effect. c. revenue effect. d. consumer price effect.