The neoclassical synthesis had emerged by what decade?
A) 1930s
B) 1940s
C) 1950s
D) 1960s
E) 1990s
C
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At any given time, which factor of production is NOT fixed?
A) labor B) technology C) entrepreneurship D) land E) money
If the monopoly illustrated in the figure above could engage in perfect price discrimination, then it would sell
A) 30 tickets. B) 50 tickets. C) 60 tickets. D) 100 tickets.
The simplest device to analyze dynamic decisions is a
A) one-period model. B) two-period model. C) model that includes only the number of years of a typical consumer's lifetime. D) continuous time model.
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. Should you use the frequent flyer coupon to go to Miami?
A. No, because there are no benefits in the trip. B. Yes, your benefit is equal to your cost. C. No, your benefit is less than your cost. D. Yes, your benefit is more than your cost.