Joe and Ed go to a diner that sells hamburgers for $5 and hot dogs for $3 . They agree to split the lunch bill evenly. Ed chooses a hot dog. The marginal cost to Joe then of ordering a hamburger instead of a hot dog is
a. $1.
b. $2.
c. $2.50.
d. $3.
c
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A common definition of a recession is a period of time
A) of at least 6 months during which real GDP decreases. B) with an increase in real economic output from the previous period. C) with no change in real GDP. D) with no change in the dollar (money) value of economic output.
Capital is a flow of resources into the production of investment goods.
Answer the following statement true (T) or false (F)
The statistical indicators of business cycle changes contain
a. leading indicators. b. lagging indicators. c. roughly coincident indicators. d. All of these.
"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
A. price of peaches will fall. B. quantity of peaches that will be available at any given price has decreased. C. demand for peaches will shift to the left. D. quantity of peaches that will be available at any given price have increased.