A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, how much is he being paid in economic rent?
A) $2.0 million
B) $100,000
C) $1.9 million
D) $2.1 million
C
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When Dale buys a new computer for $1,000 using a credit card,
A) his bank account decreases by $1,000. B) he is taking out a loan for $1,000. C) the credit card is acting as money. D) the money supply decreases by $1,000. E) the credit card is performing the function of an unit of account.
Jill and Daniel graduate from college in the same year in economics and physics respectively and start looking for jobs. They are competitors in the job market
Indicate whether the statement is true or false
Suppose a family's budget line is such that the horizontal axis shows the amount of food consumed, while the vertical axis measures the consumption of all other goods. Suppose this family receives food stamps. This will cause the budget line to
A. shift leftward. B. rotate leftward along the vertical axis. C. shift rightward along the horizontal axis. D. pivot along the horizontal axis.
When the price of fresh fish increases 10%, quantity demanded decreases 5%. The price elasticity of demand for fresh fish is ________ and total revenue from fresh fish sales will ________.
A. inelastic; decrease B. inelastic; increase C. elastic; decrease D. elastic; increase