The reasons to study economics include which of the following?
A. to learn a way of thinking
B. to understand society
C. to be an informed citizen
D. all of the above
Answer: D
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The rapid rise in oil prices during 2007-2008 can be explained by noting the fact that
a. the supply of oil increased more rapidly than the demand for oil increased b. the demand for oil increased more rapidly than the supply for oil increased c. the demand for oil decreased at the same time that the supply of oil increased d. the quantity demanded of oil increased more rapidly than the quantity supplied of oil increased e. the quantity supplied of oil increased more rapidly than the quantity demanded of oil increased
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true with regard to opportunity costs in the two countries?
a. The opportunity cost of producing watches is higher in Denmark. b. The opportunity cost of producing cheese is higher in Denmark. c. The opportunity cost of producing cheese is identical in both countries. d. It is impossible to compare opportunity costs because the two countries use different currencies. e. In both countries combined, the opportunity cost of one watch is 150 pounds of cheese.
If P = 3Qs + 3 represents market supply for a competitive industry and market demand is given by Qd = 31 - 1/3 P, the equilibrium price is:
A. $48. B. $10. C. $20. D. $15.
The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010?
A) $45,977 B) $66,565 C) $87,200 D) $143,486