The figure illustrates the market for pens. The equilibrium quantity is
A) between 400 and 600 pens, but it is impossible to be precise.
B) 5 pens a month.
C) 2 pens a month.
D) 500 pens a month.
D
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In a coin toss bet, where both heads and tails are equally likely, you win a $3 on heads but lose $1 on tails. The expected value of the bet is
a. $0.50 b. -$0.50 c. $1.00 d. $0.00
Suppose the Bureau of Labor Statistics reports that the noninstitutional civilian population is 250 million. Of those, 150 million are employed and 5 million are unemployed. Of the 150 million employed, 5 million would like to be working twice as many hours and of the 250 million, 5 million have given up the search for work. The unemployment rate reported by the BLS would be __________, while if
the BLS counted the discouraged workers as unemployed the unemployment rate would be __________. a. 6.25%; 3.2% b. 2%; 6.25% c. 6.25%; 2% d. 3.2%; 6.25% e. 6%; 6.25%
Refer to the graph shown of average costs for a typical firm. The per-unit cost of the industry would be $8 if:
A. one firm produced 500 units of output. B. two firms produced 1,000 units of output each. C. one firm produced 667 units of output. D. two firms produced 250 units of output each.
Related to the Economics in Practice on p. 476: According to the "paradox of thrift," as individuals decrease their saving
A. income in the economy decreases because interest rates will rise and the economy will contract. B. income in the economy will remain constant because the change in consumption equals the change in saving. C. income in the economy will rise because the increased consumption that results from decreased saving causes the economy to expand. D. income in the economy decreases because there is less money available for firms to invest.