In July 2010, what was the total value of U.S. currency in circulation?
A) $500 million
B) $150 billion
C) $1080 billion
D) $6 trillion
C
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Comparing the minimum wages between 1974 and 2011 addresses the economic concept of
A) the principle of voluntary exchange. B) the principle of diminishing returns. C) the real-nominal principle. D) the marginal principle.
Refer to the figure above. Which of the following is likely to happen if a price control below the equilibrium price is imposed?
A) Quantity supplied will exceed quantity demanded. B) Quantity demanded will exceed quantity supplied. C) Consumer surplus will decrease. D) Producer surplus will increase.
The figure above shows Ilene's budget line. The price of a can of cat food is $2. The price of a can of dog food
A) is $1.60. B) is $4.00. C) is $5.00. D) cannot be determined without more information.
The median voter theorem will be an accurate predicator of the outcomes of elections
A) when a majority of voters have preferences very similar to those of the median voter. B) only when voter turnout is very high. C) when a majority of voters have preferences different from those of the median voter. D) regardless of whether preferences among voters are similar or different from those of the median voter.