The phrase "reversal of fortunes" refers to the fact that:
A) colonies that were existing in 1500, are now no longer colonies and are independent nations.
B) areas that were relatively highly urbanized in 1500, are generally poorer today.
C) colonies that were existing in 1500, have all recorded negative growth rate over the last century.
D) areas that were relatively less urbanized in 1500, are generally poorer today.
B
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Other things constant, which of the following is likely to increase the supply of wheat?
A) an increase in the cost of fertilizer B) a decrease in the price of bread C) a decrease in the price of corn D) an increase in land prices E) an expectation that the price of wheat will be higher in the near future
Carol's Candies is producing 150 boxes of candy a day. Carol's marginal revenue and marginal cost curves are shown in the figure above. To increase her profit, Carol should
A) increase her output. B) decrease her output. C) maintain the current level of output because it gives her the maximum profit. D) Not enough information is given to determine if Carol should increase, decrease, or not change her level of output.
In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market sale ________ the ________ of reserves, causing the federal funds rate to increase, everything else held constant
A) increases; supply B) increases; demand C) decreases; supply D) decreases; demand
Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. The opportunity costs of producing 1 ton of oranges for Alpha and Omega, respectively, are: a. 0.25 tons of apples; 0.5 tons of apples. b. 9 tons of apples; 4 tons of apples
c. 2 tons of apples; 4 tons of apples. d. 0.5 tons of apples; 0.25 tons of apples.