Refer to Figure 7.4. If the market was a monopoly, the consumer surplus would be:
A. $625.
B. $450.
C. $300
D. $225.
Answer: D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
What would be expected to happen to the size of the underground economy if:
a. businesses tax rates decreased. b. government regulations on businesses increased dramatically. c. the sale and use of marijuana was legalized in all 50 states.
Americans, other than jewelers or rare coin collectors, were not allowed to own gold from the early 1930s until the
A) 1950s. B) 1960s. C) 1970s. D) 1980s.
Suppose you purchase a new home for $150,000, making a down payment of 10% and taking out a mortgage on the balance. What is the return on your investment in your home if one year later the price of your home decreases by 20%?
A) -10% B) -30% C) -50% D) -200%