Clark is willing to pay $100 for a new softball glove. If the market price for the glove is $150, _____
a. he will purchase the glove as his marginal utility is maximized
b. he will not purchase the glove as his marginal utility is negative
c. he will purchase the glove as it will increase his total utility
d. he will not purchase the glove because the market price is greater than the price he is willing to pay
d
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The price of soft drinks increases. Which of the following is not part of the likely chain of events that follows from this price change?
A. The demand for fruit juices increases. B. The manufacturers of soda?canning machines lay off some workers. C. Producers of soft drinks increase their production of soft drinks. D. Some consumers of soft drinks reduce their consumption of soft drinks.
In a certain economy, the components of aggregate spending are given by: C = 500 + 0.8(Y - T) - 300rI = 200 - 400rG = 200NX = 10T = 150 Given the information about the economy above, what is the short-run equilibrium output if the real interest rate is 5 percent?
A. 3,775 B. 1,359 C. 944 D. 3,810
The aggregate demand curve for labor is the
a. vertical summation of the individual firms' demand curves. b. horizontal summation of the individual firms' demand curves. c. horizontal summation of all the individual supply curves. d. vertical summation of the individual firms' supply curves.
The median voter model suggests that _____
a. extreme candidates are unlikely to change positions over time b. extreme candidates have an easier time winning election because of the fervor of their supporters c. extreme candidates will have a difficult time winning election d. extreme candidates will be able to move a party's platform to better fit their positions