The relatively low rate of inflation coupled with a low unemployment rate that occurred in the 1990s represented a “normal” economic situation.
Answer the following statement true (T) or false (F)
False
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A few economies have the interesting characteristic that exports are more than 100 percent of the economy's GDP. How is this possible?
What will be an ideal response?
The amount that ________ have accumulated out of past income through saving and inheritance is wealth.
A. households B. corporations C. markets D. governments
Refer to the graph below. At equilibrium, consumer surplus would be represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. a + b
B. a + b + c
C. a
D. b + c
Voss Calculator Company has a monopoly on the sale of graphing calculators. If it sells two of these calculators its total revenue is $600, and if it sells three calculators its total revenue is $750. The marginal revenue of the third calculator sold is
A. $50. B. $75. C. $150. D. $250.