Homer, Bart, and Lisa are the only consumers in the market. Using the information in the above table, what is the market demand for chocolate chip cookies at $4.00 per pound?
A) 21 pounds
B) 17 pounds
C) 11 pounds
D) 4 pounds
C
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In economics, investment is defined as
A) disposable income plus consumption. B) disposable income minus consumption. C) the spending by businesses on capital goods and inventories. D) the spending by households on human capital and durable goods.
If d is the depreciation rate and K is the capital stock, the amount of investment required to keep the economy in a steady state is given by:
A) I = d - K. B) I = d + K. C) I = d × K. D) I = d/K.
Opportunity cost is best defined as the:
a. sum of all alternatives given up when a choice is made. b. money spent once a choice is made. c. highest-valued alternative given up when a choice is made. d. cost of a good minus the satisfaction obtained from consuming it. e. cost of capital resources used in the production of additional capital.
If prices in the United States fall relative to Japan, then the:
a. Dollar depreciates because U.S. imports from Japan fall, and U.S. exports to Japan rise. b. Yen depreciates because U.S. imports from Japan fall, and U.S. exports to Japan rise. c. Yen depreciates because U.S. imports from Japan fall, and U.S. exports to Japan fall. d. Yen depreciates because U.S. imports from Japan rise, and U.S. exports to Japan fall. e. Change in the value of the dollar or yen is uncertain because exports and imports rise.