Refer to the information provided in Table 2.1 below to answer the following question(s).
Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. For Mark, the opportunity cost of writing one TV commercial is
A. 1/3 of a poem.
B. 2 poems.
C. 3 poems.
D. 8 poems.
Answer: C
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Suppose that there is only one small clothing store in the remote village of Green Acres, and until recently the townspeople bought their shirts there. As more people in Green Acres become connected to the Internet, the price elasticity of demand for shirts at the Green Acres store will:
A. increase because the Internet offers more substitutes. B. remain the same, but the quantity demanded will decrease as more people shop online. C. decrease because the Internet offers more substitutes. D. remain the same, but the demand will decrease as more people shop online.
An inverse relationship will be graphed as
A) a line that is upward sloping. B) a line that is downward sloping. C) a loop. D) a U-shaped curve.
A worker would be hurt least by inflation when the:
A. worker anticipates inflation and increases savings at the bank. B. worker is protected by a cost-of-living adjustment clause in an employment contract. C. price level increases but at a decreasing rate. D. worker is protected by fixed annual increases in wages and benefits in an employment contract.
Refer to the data. The gross domestic product is:
A. $328.
B. $301.
C. $382.
D. $333.