Refer to the figure above. What is the optimal number of machines rented if the market rental price is $8 per month?
A) 20 machines
B) 40 machines
C) 160 machines
D) 180 machines
A
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As inflation rates increase, money becomes less useful as a
A) store of value. B) double coincidence of wants. C) unit of account. D) medium of exchange.
If the real interest rate is 8 percent and the inflation rate is 2.5 percent, then the nominal interest rate is
A) 8 percent. B) 10.5 percent. C) 3.2 percent. D) 2.5 percent. E) 5.5 percent.
Given a price elasticity of demand of -0.9, a decrease in price will
A. decrease quantity. B. increase total revenue. C. reduce total revenue. D. leave total revenue unchanged.
Refer to the demand and supply diagram that relates to the health care market. The efficiency loss caused by the availability of health insurance is shown by area:
A. P 1 abP 2 .
B. abc.
C. adc.
D. Q 1 acQ 2