You start with a $1,000 portfolio; it loses 50% over the next year, the following year it gains 50% in value. At the end of two years your portfolio is worth:
A. $1,000.
B. $950.
C. $750.
D. $500.
Answer: C
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Producer surplus is the:
A) sum of a seller's reservation value and the price he finally receives. B) difference between a seller's reservation value and the price he finally receives. C) product of a seller's reservation value and the price he finally receives. D) ratio of a seller's reservation value to the price he finally receives.
Although the U. S. airline industry has only a relatively small number of sellers, the market is nevertheless highly competitive. The reason is that:
A) the number of buyers is very large. B) due to fierce competition, no firm has significant control over prices. C) due to fierce competition, no firm has significant control over the quantity supplied. D) most airline routes are served by relatively many sellers.
A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost. c. historical cost. d. accounting cost.
Nicky makes $25,000 a year as a sales clerk. He then decides to quit his job to enter a MBA program full-time (assume Nicky doesn't work in the summer or hold any part-time jobs). His tuition, books, living expenses, and fees total $15,000 a year. Given this information, the annual total cost of Nicky's MBA studies is:
a. $10,000. b. $30,000. c. $40,000. d. $15,000. e. $25,000.