Refer to the table above. If the opportunity cost of time increases to $60 per hour, renting which apartment will turn out to be the most expensive every month?
A) 1
B) 2
C) 3
D) 4
A
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Everything else remaining the same, in the foreign exchange market, which of the following increases the supply of U.S. dollars?
A) The U.S. interest rate rises. B) The U.S. interest rate differential increases. C) The expected future exchange rate rises. D) The European interest rate rises. E) The exchange rate falls.
The law of comparative advantage explains which of the following?
What will be an ideal response?
A price-setting firm faces the following estimated demand and average variable cost functions:Qd = 800,000 - 2,000P + 0.7M + 4,000PRAVC = 500 - 0.03Q + 0.000001Q2where Qd is the quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $53. Total fixed cost is $2,600,000. What price should the firm charge in order to maximize profit?
A. $510 B. $420 C. $445 D. $400 E. $356
Using the supply and demand model, what is the best way to show the effects on the plywood market of households preparing for a hurricane? (Note: people use plywood to board up their homes to protect them from damage from a hurricane.)
A. Supply curve moved right and demand curve shifted to the left. B. Both supply and demand curves shifted to the right. C. Supply curve shifted to the right, demand curve did not shift. D. Demand curve shifted to the right, supply curve did not shift.