Jill, an economics student, has already spent 5 hours cleaning her room. In deciding whether or not to continue cleaning for another hour, she applies the economic principle of
A) scarcity.
B) ceteris paribus.
C) choosing at the margin.
D) productivity.
C
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A firm in long-run equilibrium under monopolistic competition will earn
A) zero economic profits because of free entry. B) positive monopoly profits because each sells a differentiated product. C) positive oligopoly profits because each firm sells a differentiated product. D) negative economic profits because it has economies of scale. E) positive economic profit if it engages in international trade.
Quinn's income to spend each month on two normal goods, bowling or eating out, is $100. It costs $10 to bowl for the night, and it costs $20 for Quinn to eat at a restaurant. Quinn currently consumes four nights of bowling and three meals at a restaurant. If the price of bowling increased to $15, the income effect would predict:
A. Quinn would consume more of each good. B. Quinn would consume less of each good. C. Quinn would consume more bowling and less meals out. D. Quinn would consume less bowling and more meals out.
The $1.90 (PPP) per day line was chosen by averaging the national poverty lines of 15 poor countries to represent:
A. chronic poverty by some globally comparable standard. B. absolute poverty by some globally comparable standard. C. transient poverty by some globally comparable standard. D. relative poverty by some globally comparable standard.
Why is the demand for labor downward sloping in the short run?
What will be an ideal response?