Refer to the accompanying table. Julia's opportunity cost of making a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 6/5 of a cake.
B. 5/6 of a cake.
C. 6 cakes.
D. 60 cakes.
Answer: B
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A price taker is a buyer or seller who:
A. has complete control over setting the market price. B. can influence the market price. C. has no control over setting the market price. D. has the goal of maximizing market share, not profits.
Those economists who argue that a significant amount of crowding out exists believe that the impact of expansionary fiscal policy will be _________________ by the crowding out. Their reasoning is that if the government increases purchases, and finances that spending by borrowing money, spending in the private sector will _______________, leading ultimately to _____________ in aggregate demand
A) strengthened; fall; little or no change B) strengthened; rise; a significant rise C) weakened; fall; little or no change D) weakened; rise; a significant rise
Refer to the graph shown. Between points B and D, marginal utility is:
A. positive, and so total utility is increasing. B. increasing, and so total utility is falling. C. positive, and so total utility is falling. D. increasing, and so total utility is at its maximum.
What is a black market and how does it influence the market for rental housing if a rent ceiling creates a housing shortage? What determines the level of the black market rent?
What will be an ideal response?