Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Angus values playing the bagpipes at
A) $100.
B) $150.
C) $250.
D) $600.
B
You might also like to view...
On average, in the recessions since 1950, it has taken ________ for employment to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years
The nominal interest rate equals the real interest rate ________ the inflation rate
A) plus B) times C) minus D) divided by
To stop a speculative attack interest rates must be ________, which will ________ aggregate demand.
A. increased; increase B. decreased; decrease C. increased; decrease D. decreased; increase
Economists criticize monopolies because monopolies
A. make consumers pay more for their product than the customers value the product. B. receive accounting profits. C. always price discriminate. D. restrict output and raise prices compared to a competitive situation.