Refer to Table 12-1. What is the fixed cost of production?
A) $0 B) $500
C) $1,000 D) It cannot be determined.
C
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If government expenditure on goods and services increase by $100 billion, then aggregate demand
A) increases by $100 billion. B) increases by less than $100 billion. C) increases by more than $100 billion. D) remains unchanged. E) decreases by more than $100 billion.
Consider two goods, X and Y, where X is measured on the horizontal axis and Y is measured on the vertical axis. All else constant, a decrease in the price of X will cause the consumer's budget constraint to:
A) rotate in along the X axis B) rotate out along the X axis. C) shift out parallel to the original budget constraint. D) shift in parallel to the original budget constraint.
In the short run, perfectly competitive firms will determine whether to continue producing the current output, reduce output, or increase output based on the relationship between
A. price and average cost. B. price and marginal cost. C. marginal revenue and average cost. D. average revenue and average cost.
Tina Eckstrom and her husband bought a deferred annuity that started paying them $700 a month in retirement benefits. They, along with millions of other people who live on fixed incomes, are examples of:
a. those who are responsible for inflation. b. the big winners from inflation. c. the big losers from inflation. d. the paradox of thrift. e. stock market losers.