An example of a one-time expense for a shoe factory would be buying:
A. leather to make the shoes, and would be excluded from total cost.
B. leather to make the shoes, and would be included in total cost.
C. a sewing machine, and would be included in total cost.
D. a sewing machine, and would be excluded from total cost.
Answer: C
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Which of the following would cause a leftward shift of the supply curve for computers?
a. an increase in the price of printed circuit boards used to build computers b. a decrease in the price of electricity c. an increase in incomes of consumers d. a decrease in the price of computers e. a decrease in the size of the population
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A. are never rational. B. are motivated by self-interest. C. always consider the impact of their actions on the welfare of others. D. always tend to act in an altruistic manner.
Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week. Using the method of average values, the absolute price elasticity of demand is
A. 1.4. B. 1.75. C. 0.8. D. 3.0.
When the demand for loanable funds rises, the amount of money borrowed will ___________.
A. rise B. decline C. be unchanged