Refer to the information provided in Table 24.4 below to answer the question(s) that follow.
Table 24.4
Refer to Table 24.4. At an output level of $1,500, disposable income is
A. $300.
B. $600.
C. $900.
D. $1,200.
Answer: C
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 tariff is imposed on imported rice, the change in consumer surplus is
A) c + d. B) c + d +g. C) a + b + c + d. D) f + g.
Suppose there currently is an inflationary gap. What could the government do to bring the overall price level down?
A) nothing B) Reduce government spending. C) Increase government spending. D) Reduce the nation's aggregate supply.
The opportunity cost to you of an action is
A. how much you must pay for the opportunity to take the action. B. the value to you of the next best action you could have taken. C. the cost to society of giving you the opportunity to take the action. D. the dollar cost to you of the action.
Relationship-specific exchange:
A. occurs because of specialized investments. B. reduces worker shirking. C. makes firms use spot markets. D. is a consequence of profit sharing.