If the quantity of nail polish supplied is represented by the equation QS = -3 + 2P then the corresponding price of nail polish is represented by the equation
A) P = 1.5 - 0.5QS. B) P = 2QS - 6. C) P = 2QS + 6. D) P = 0.5QS + 1.5.
D
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Which of the following did not result in economic growth?
a. Installing a network of irrigation ditches and pumping stations in order to grow fruits and vegetables in parts of southern California b. Cyrus McCormack inventing a threshing machine for harvesting grains c. After World War II, the U.S. instituting the GI bill, which provided education subsidies to soldiers being released from service duty d. Many citizens emigrating from a nation when a politically repressive regime takes office
One way tariffs differ from quotas is that
A) tariffs produce revenues for the importing country's government. B) quotas produce revenues for the exporting country's government. C) tariffs produce no revenues but set limits on the imported items. D) tariffs are applied only on raw materials.
One HEADLINE article in the text suggest that 30 percent of Americans trust the federal government to do the right thing. If government intervention makes the economy worse off, this is referred to as:
A) Government failure. B) Market failure. C) Central planning. D) Scarce resources.
Write down your understanding and interpretation for each of the following equations, then make sure that you familiarize yourself with these formulas: Leakages = Injections in Equilibrium (i.e. SP + (T – TR) + M = I + G + X)
What will be an ideal response?