Refer to the above figure. Which panel represents the long-run supply curve for an increasing-cost industry?
A. Panel A
B. Panel B
C. Panel C
D. Panel D
Answer: C
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If the size of the capital stock in an economy is stationary, ________.
A. gross investment is zero B. GDP is zero C. net investment is zero D. capital consumption (or depreciation) is zero
If an indifference map for a consumer is made up of straight, negatively sloped lines, the goods are
A) perfect complements. B) unrelated. C) perfect substitutes. D) not desirable.
The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas increased to $14 each, while the price of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living:
A. remained the same. B. increased by 9 percent. C. decreased by 9 percent. D. increased by 40 percent.
Economics is a social science that primarily explores how: a. businesses market products under competitive conditions
b. stock and bond prices fluctuate when there are changes in demand or supply. c. the government allocates its budget among competing political interests. d. goods and services are consumed, produced and distributed in a world with limited resources.