Last year, 1,000 cases of cough syrup were sold at $10; this year, 1,200 cases were sold at $12 . The most probable interpretation of these data is that the
a. supply and demand curves are shifting to the right.
b. supply and demand curves are shifting to the left.
c. supply curve has shifted to the left, with no change in demand.
d. demand curve has shifted to the right, with no change in supply.
d
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How much money would you have to put into a savings account today to be worth $500 three years from now at a market rate of interest equal to 8 percent?
A. $397 B. $420 C. $351 D. $459
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
In order to buy goods from another country the importer must pay with
A. a combination of its own currency and the currency of the country from which it is buying the goods. B. the currency of the country from which it is buying the goods that it has arranged to get through the foreign exchange market. C. the currency of the country from which it is buying the goods, and they must have been holding the currency from a previous transaction. D. its own currency.
Between points "b" and "c" in the above figure, the opportunity cost of 250 more bushels of corn is
A) 200 yards of cloth. B) 250 yards of cloth. C) 600 yards of cloth. D) 800 yards of cloth.