This graph shows three different budget constraints: A, B, and C. If Ted's budget constraint is shown by line A in the graph shown, and Ted's income for these two items is $36, what are the prices of the two goods?
This graph shows three different budget constraints: A, B, and C.
A. Soda costs $3 per case, and milk costs $4 a gallon.
B. Soda costs $4 per case, and milk costs $3 a gallon.
C. Soda costs $12 per case and milk costs $9 a gallon.
D. Soda costs $6 per case and milk costs $3 a gallon.
A. Soda costs $3 per case, and milk costs $4 a gallon.
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The Federal Open Market Committee (FOMC)
A) determines the tax policy of the government. B) influences the future growth of the money supply. C) oversees all transactions on the stock market. D) lends to the least credit-worthy customers.
Jim's Burgers produces 600 burgers per week. Each burger sells for $3 . Goody Candy orders 500 burgers for its upcoming office party from Jim's Burgers. Jim decided to accept the order for $1250 lump sum. What would be the marginal revenue per burger for this order?
a. $3 b. $2.50 c. $0.50 d. It cannot be determined with the information given
A price index in its base year:
A. is always greater than 100. B. is always less than 100. C. is always equal to 100. D. cannot be determined without knowing the price level in the base year.
Which statement is true?
A. Entrepreneurial ability is considered a passive resource. B. All entrepreneurs are inventors. C. The entrepreneur has been the central figure in the long economic success in the U.S. D. The basic payment made to the owners of capital is rent.