We can find the market supply for phones by:
A. adding all of the prices at which sellers are willing to sell phones.
B. multiplying the number of sellers by the number of consumers.
C. adding the number of phones buyers want to buy at each price level.
D. adding the individual supply curves for phones.
Answer: D
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If labor is the only variable input, an increase in the quantity of labor:
a. does not have any effect on the quantity of output. b. causes the output to increase initially at a diminishing rate and then at an increasing rate. c. causes the output to increase at a constant rate till the last worker is hired. d. causes the output to increase initially at an increasing rate and then at a decreasing rate. e. causes the output to decrease at a constant rate till the last worker is hired.
The opportunity cost of going to a movie is
a. the price of the movie b. number of hours you spend watching the movie c. expected gains you experience by watching the movie d. the next best alternative that must be sacrificed in order to go to the movie e. expected gains minus the expected cost of the movie
In the short run, the dominant effect of deficit reduction causes an
a. outward shift of the aggregate supply curve. b. inward shift of the aggregate supply curve. c. outward shift of the aggregate demand curve. d. inward shift of the aggregate demand curve.
Suppose Brazil has a comparative advantage over other countries in producing almonds, but other countries have an absolute advantage over Brazil in producing almonds. If trade in almonds is allowed, Brazil
a. will import almonds. b. will export almonds. c. will either import almonds or export almonds, but it is not clear from the given information. d. would have nothing to gain either from exporting or importing almonds.