Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 5 smoothies
B. 15 smoothies
C. 3 smoothies
D. 1/3 of a smoothie
Answer: D
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For certain public projects such as building a dam on a river or a bridge to an island, what procedure is a government likely to use to determine what quantity of a public good should be supplied?
A) It hires economists to estimate the market demand for the product. B) It evaluates the costs and benefits of producing the good. C) It takes a vote in Congress. D) It conducts public surveys to determine if consumers want the product.
Under the liquidity premium theory, the expectation that future short-term rates will be constant results in a yield curve that
A) is flat. B) slopes upward. C) slopes downward. D) is flat, slopes upward, or slopes downward, depending on the size of the term premium at each maturity.
perfectly competitive firm with a random demand has an expected demand curve that is ________ its expected marginal revenue curve.
A) equal to B) exactly double C) less than D) greater than
The demand curve is a graphic representation of:
a. the relationship between price and quantity supplied of a certain good or service. b. the relationship between price and quantity demanded of a certain good or service. c. the relationship between supply and demand for a certain good or service. d. the relationship between productivity and quantity demanded of a certain good or service.