Refer to the scenario above. What is Sarah's opportunity cost of producing one greeting card?
A) 0.33 earrings
B) 0.5 earrings
C) 1 earring
D) 3 earrings
D
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If the interest rate rises from 1 percent to 3 percent, the ________ decreases and the opportunity cost of holding money ________
A) demand for money; rises B) quantity of money demanded; rises C) quantity of money supplied; rises D) quantity of money demanded; falls E) quantity of money supplied; falls
Refer to Figure 7-2. Without the tariff in place, the United States produces
A) 12 million pounds of coffee. B) 26 million pounds of coffee. C) 33 million pounds of coffee. D) 45 million pounds of coffee.
If Slick Shades, a sunglasses manufacturer, merges with Best Lens, a lens manufacturer, and the combined firm is able to reduce the number of accounting departments from two to one, the merger created ________.
A) managerial diseconomies B) technological interdependencies C) synergies D) a hold-up problem
Why do economists measure responsiveness of demand to price in percentage changes rather than in absolute changes?