Elizabeth just finished a long run. The first glass of water was amazing, the second was good but not as good, and after the third she doesn't want any more. This is an example of what concept?
a. consumer surplus
b. law of diminishing marginal utility
c. elasticity of demand
d. law of equilibrium
b
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Katrina pays $40 for a meal at a fancy restaurant. The ingredients used cost $10 . The value added by the restaurant is _____
a. $30 b. $40 c. $70 d. $40 plus the wages paid to the chef and waiters e. $40 plus the profit earned by the restaurant owner
The Bureau of Labor Statistics measures unemployment by surveying:
A. every household at least once a year. B. a sample of about 60,000 households every month. C. a sample of about 60,000 employers every month. D. every business at least once a year.
Which of the following would increase a country's Economic Freedom of the World rating?
What will be an ideal response?
The demand for the Franconian franc in the foreign exchange market equals 14,000 - 3,000e and the supply of francs in the foreign exchange market equals 2,000 + 2,000e, where e is the nominal exchange rate expressed in U.S. dollars per franc. If the franc is fixed at 3 U.S. dollars per franc, then to maintain this fixed rate Franconia's international reserves must:
A. decrease by 3,000 dollars per period B. decrease by 9,000 dollars per period C. increase by 3,000 dollars per period D. increase by 9,000 dollars per period