The net exports effect is the ____ relationship between net exports and the price level of an economy.
A. inverse
B. independent
C. direct
D. linear
Answer: A
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Harry needs to hire a lawyer but does not know how to find a good one. The lawyer is a(n)
A) experience good. B) credence good. C) logo good. D) search good.
Expansion Your firm prints the novelty baseball cards that candy makers include in their bubblegum. Since you regularly sell 100,000 cards per week, you invested in four separate production lines that can each produce 25,000 cards in a standard 40 hour
work week. Now a few of the candy makers are signed long term contract that will increase their orders so that you will need to produce 150,000 cards per week. If you can invest in two new production lines at the same cost as your previous four, what does this imply for the shape of your long-run marginal cost curve? What does it imply for changes in your pricing?
In traditional economic models, homo economicus refers to a decision maker who:
A. searches for relevant facts in a potentially haphazard way and who quits once his or her understanding has reached a certain threshold. B. makes frequent departures from rational choice and instead relies upon judgmental heuristics, or rules of thumb, to guide decisions. C. lacks impulse control and, as a result, may experience regret. D. is narrowly self-interested, well-informed, highly disciplined, and cognitively capable enough to solve optimization problems.
________ is the cost of using resources to produce another unit of a good.
A. Price B. Marginal cost C. Total cost D. Marginal revenue