Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium quantity is:
A. 80.
B. 120.
C. 115.
D. 100.
Answer: D
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Use the following table to answer the next question.YearNominal Income (dollars)CPIReal Income (dollars)1$44,600130 2$48,200 $35,1833$51,000139 What is the value of real income in Year 1?
A. $343 B. $44,600 C. $57,980 D. $34,308
Using the standard 45° line diagram, how does a decrease in net exports effect the expenditure schedule?
A. It increases the slope of the expenditure schedule. B. It decreases the slope of the expenditure schedule. C. It shifts the expenditure schedule upward. D. It shifts the expenditure schedule downward.
The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then the
A) supply curve of apartments would shift leftward and rent would rise above $750.00. B) demand curve for apartments would shift rightward and rent would rise above $750.00. C) equilibrium quantity of apartments rented would increase beyond 3,000. D) equilibrium market price of apartments rented would fall below $750.00.
Refer to the following graph.
The Gini coefficient is calculated as area:
A. A divided by area A + B. B. A divided by area B. C. A + B divided by area B. D. B divided by area A.