Where Y is GDP, C is consumption, I is investment, G is government spending, T is net taxes, and there is no international trade, private saving equals:
A. Y - T - C.
B. Y -T - G.
C. C + I + G - T.
D. Y - C - I.
Answer: A
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When a perfectly competitive firm produces the profit-maximizing output and it is at its shutdown point, the firm's ________
A) marginal revenue equals its average fixed cost B) total revenue equals its total variable cost C) marginal cost is less than its average variable cost D) total revenue is less than its total variable cost
Along a straight-line demand curve:
A. both the slope and the price elasticity are constant. B. the slope is constant but the price elasticity is not. C. the slope is not constant, but the price elasticity is. D. neither the slope nor the price elasticity is constant.
The best explanation of a QALY is that it:
a. incorporates quality-of-life improvements and length-of-life extensions into one measure. b. measures life-years saved in a straightforward way. c. measures quality-of-life improvements from an intervention. d. measures quality-of-life improvements from randomized control trial data.
The market demand curve for money is
A. Upward-sloping to the right because people wish to hold more money at higher interest rates and less money at lower interest rates. B. Vertical because it is a fixed amount regardless of changes in the interest rate. C. Downward-sloping to the right because people wish to hold less money at higher interest rates and more money at lower interest rates. D. Horizontal because it is determined by the individual.