The accompanying figure shows a single consumer's demand for ice cream at the student union.
The student union sells a total of 7,200 scoops of ice cream each week at a price of $2.00 per scoop. If every student who buys ice cream has the demand curve shown above, then there must be ________ students purchasing ice cream each week.
A. 1,500
B. 800
C. 1,200
D. 2,000
Answer: C
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As the payments system evolves from barter to a monetary system,
A) commodity money is likely to precede the use of paper currency. B) transaction costs increase. C) the number of prices that need to be calculated increase rather dramatically. D) specialization decreases.
The relationship between consumption and income is the
a. spending function b. consumption function c. autonomous consumption d. household consumer spending e. household spending function
Private costs
A) are borne by the producers of a good or service while social costs are borne by government. B) are borne by consumers of a good while social costs are borne by government. C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D) are borne by producers of a good while social costs are borne by society at large.
Between 1960 and 2010, the annual growth rate in percent per year was the highest in
A) China. B) United States. C) Brazil. D) Singapore. E) South Korea.