Refer to the figure above. When the demand curve for gas is D2 and the supply curve of gas is S, the equilibrium quantity is:
A) 50 gallons. B) 70 gallons. C) 20 gallons. D) 40 gallons.
A
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Keynesians argue that the crowding-out-effect is rather insignificant. True or False
Refer to Exhibit 9-2. The economy is currently producing Q1. At this level of Real GDP, the economy is experiencing
a. a shortage in the labor market. b. a surplus in the labor market. c. neither a shortage nor a surplus in the labor market. d. all of the above are equally likely
When a firm produces one unit, the variable cost is $3. When the firm produces two units, the variable cost is $6. What is the marginal cost associated with two units of production?
A) $2 B) $0.5 C) $6 D) $3
In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:
a. 7/5 = 1.40. b. 1/5 =0.20. c. 5/7 = 0.71. d. 1.