A decrease in demand and a decrease in supply will lead to
A) unambiguous increases in both price and quantity.
B) unambiguous decreases in both price quantity.
C) an unambiguous decrease in price, but the effect on quantity is indeterminate.
D) an unambiguous decrease in quantity, but the effect on price is indeterminate.
Answer: D
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A country produces only apples and bananas. Moving from point A to point B along its production possibilities frontier, 5 apples are gained and 4 bananas are forgone. What is the opportunity cost of an apple?
A) 4/5 of a banana B) 5/4 of a bananas C) 4 bananas D) 1 apple E) None of the above answers is correct.
Institutions that make loans to borrowers and obtain funds from savers are called
A) financial markets. B) financial intermediaries. C) financial conglomerates. D) financial branches.
The net balance of payments is
A. The difference between exports and imports. B. The difference between the current account balance and the capital account balance. C. The sum of the current account balance and the capital account balance. D. The sum of the current account balance and the trade account balance.
Randolph is taking three courses this semester: economics, statistics, and finance. He has decided to spend 20 hours per week studying (in addition to attending all his classes) and his objective is to maximize his average grade, which means maximizing the total of his grades in the three courses. The table shows Randolph's estimate of the relation between time spend studying and his grade for each course.
Based on the above info, what is the maximum AVERAGE grade Randolph can earn if he studies 20 hours per week?
A. 80.3 B. 80 C. 82 D. 81.7