Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hot dog is $2.50. Tom's monthly income is
A. $16.
B. $50.
C. $80.
D. $100.
Answer: D
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As contrasted to the mainstream view, Keynesian economists believe that ________ than mainstream economists believe
A) the multiplier effect is larger B) the burden of government debt on future generations is larger C) fiscal stimulus is weaker D) potential GDP is smaller E) the real GDP growth rate is higher
In the above figure, as the y variable increases,
A) the x variable is constant. B) the x variable increases. C) the x variable decreases. D) the x variable at first increases but then decreases. E) the x variable probably changes, but more information is needed to determine if it increases, decreases, or stays the same.
The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. If Jane's total budget for magazines and CDs is $70.00 per week, what is her total utility at her utility maximizing consumer equilibrium?
A) 2480 units B) 1870 units C) 210 units D) 30 units
The budget deficits of the 1980s and early 1990s differ from others in the post-World War II era in that they were
a. a result of the Fed rather than a change in fiscal policy. b. temporary rather than structural, and pose no threat to the economy. c. not contracted to fight a war or end a recession. d. contracted as part of a program to plan the economy.