“Peak pricing” can only work effectively if prices remain relatively low for scarce resources.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 13-13. What is the area that represents the firm's profit?
A) profit = 0 B) P3baP2 C) P4edP2 D) P4eaP1
The total burden of a tax is the
a. absolute number of dollars an individual pays. b. percentage of income a person pays. c. number of dollars a person must be given after taxation to make him as well off as he was before taxation. d. revenue lost to loopholes.
Which of the following is characteristic of business cycles?
a) consumption displays greater volatility than GDP b) investment remains relatively stable throughout the business cycle c) the inflation rate is a leading indicator of recessions and expansions in GDP d) the unemployment rate is a leading indicator of recessions and expansions in GDP e) the growth rate of wages fluctuates less than the growth rate of GDP
Suppose someone offered to give you $1,000,000 five years in the future and the anticipated interest rate is 5 percent. The present value of this offer would be worth approximately
A) $784,000. B) $500,000. C) $1,050,000. D) $286,000.