In developing countries, the opportunity cost of an education is relatively low compared to the cost in a highly developed country
a. True
b. False
Indicate whether the statement is true or false
False
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Economic models
A) make no assumptions in order to remain as accurate as possible. B) are simplified versions of reality. C) can not be used to analyze real-world issues. D) magnify the complexity of economic issues in order to provide useful data.
Suppose that the consumer price index of a country was 160 at Year X and 168 at the end of Year Y. What was the country's inflation rate during Year Y?
a. 5 percent. b. 8 percent. c. 60 percent. d. 68 percent.
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
a. the income elasticity of demand for hot dogs. b. the income elasticity of demand for hot dog buns. c. the price elasticity of supply for hot dogs. d. the negative cross-price elasticity of demand for hot dogs and hot dog buns. e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.
Answer the following statement(s) true (T) or false (F)
1. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 2. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 3. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 4. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate. 5. Distributing goods equally among consumers would be not only fair but efficient.