In the above figure, which point represents an economy which is at the peak part of a business cycle?
A) point F
B) point G
C) point I
D) point K
A
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From an economic point of view, someone who goes shopping for groceries every week has a great deal of practice with how to purchase the combination of goods that will provide the most utility, even if the shopper doesn't phrase decisions in terms of a budget constraint
a. True b. False Indicate whether the statement is true or false
The shortsightedness effect suggests that
a. politicians have a strong incentive to support projects that yield immediate and easily recognized benefits, especially when the costs of the projects are difficult to identify and are observable only in the distant future. b. politicians have a strong incentive to support projects that yield benefits in the distant future, especially when the costs of the project must be paid for in the current period. c. voters will tend to weigh future costs and benefits more heavily than current costs and benefits. d. legislators will be unwilling to trade votes on issues, especially when those issues benefit only special interest groups.
A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why?
a. Her marginal value of brunch has fallen below $12. b. Her marginal value of additional food has fallen below $4 ($12 divided by 3 servings). c. Her marginal value of an additional bite of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.
Refer to the data provided in Table 9.4 below to answer the question(s) that follow. Table 9.4qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 11004014040 40 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.42Refer to Table 9.4. At a market price of $56, if the firm produces where MR = MC, then it would produce ________ units of output and earn an economic profit of ________.
A. 4; $0 B. 0; -$100 C. either 4 or 5; $0 D. 5; $0