Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant.
B. decreases.
C. initially increases, then decreases.
D. increases.
Answer: D
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When a perfectly competitive firm or a monopolistically competitive firm is making zero economic profit,
a. no firms will want to enter or exit. b. some firms will want to leave. c. some firms will want to enter. d. market demand shifts to the left. e. the price of the output will rise in the long run.
The total income of capital and labor must equal the value of total:
A. production. B. investment. C. profits. D. revenue.
In an economy, the total expenditures for a market basket of goods in year 1 (the base year) was $5,000 billion. In year 2, the total expenditure for the same market basket of goods was $5,500 billion. What was the Consumer Price Index for the economy in year 2?
A. 120 B. 115 C. 110 D. 100
Alan Kulikoff (2000) maintains that the opportunity to own land privately provided many individuals with incentive to relocate to colonial America and accept the associated risks
Indicate whether the statement is true or false