The supply curve shows the relationship between:
A. physical inputs of resources and the resulting units of output.
B. total business revenues and quantity supplied.
C. price and quantity supplied.
D. production costs and the amount demanded.
Answer: C
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Which of the following statements is FALSE?
A) A consumer has only one indifference curve. B) A consumer possesses a preference map. C) An indifference curve is a curve that shows the combination of goods among which a consumer is indifferent. D) The marginal rate of substitution is the rate at which a consumer will give up good y to get more of good x and remain on the same indifference curve.
Refer to the following table. In billions of dollarsGDP5.0Government Purchases1.0Transfer payments0.2Exports0.4Imports0.5Net foreign factor income0.4The sum of investment and consumption in this economy is:
A. $4.1 trillion. B. $6.0 trillion. C. $3.6 trillion. D. $3.9 trillion.
With no inflation, a bank would be willing to lend a business firm $5 million at an annual interest rate of 6 percent. But, if the rate of inflation was anticipated to be 4 percent, the bank would most likely charge the firm an annual interest rate of:
A. 10 percent. B. 2 percent. C. 6 percent. D. 4 percent.
When considering marginal revenue for the monopolist, which of the following is FALSE?
A) To sell more of a particular product, given the industry demand curve, the monopoly firm must lower the price. B) An essential point for the monopolist, marginal revenue is always less than price. C) Marginal revenue is always less than price because price must be reduced on all units to sell more. D) The more the monopolist wants to sell, the higher the price it has to charge in order to make more profits.