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 Krystal, the opportunity cost of writing four TV commercials is ________ poems.
A. 2
B. 8
C. 16
D. 32
Answer: C
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According to traditional Keynesians, monetary policy as a tool to fight a recession
A) is very effective because interest rates will fall immediately. B) has an uncertain effect on the economy, depending on the direction of fiscal policy. C) is ineffective because interest rates will not fall. D) cannot be determined because traditional Keynesians do not consider monetary policy at all.
To be part of the supply for a good, a producer must be
A) only willing to supply the good. B) only able to supply the good. C) both able and willing to supply the good. D) both able and willing to supply the good, and have already identified a buyer. E) both able and willing to supply the good, and have already sold the good.
Suppose that there are only two types of used cars, peaches and lemons. Peaches are worth $10,000 and lemons are worth $4,000. Without effective signals such as warranties, the owners of peaches cannot sell their cars for $10,000 because the
A) owners of peaches cannot convince buyers that their cars are worth $10,000. B) buyers cannot convince owners of peaches to sell their cars for $10,000. C) owners of lemons cannot convince buyers that their cars are worth more than $4,000. D) buyers cannot convince owners of lemons to sell their cars for $4,000.
In the long run, if the prices of goods and services paid by consumers increase the long-run aggregate:
A. supply will increase. B. supply will decrease. C. supply will stay the same. D. demand will increase.