Nicky makes $25,000 a year as a sales clerk. He then decides to quit his job to enter a MBA program full-time (assume Nicky doesn't work in the summer or hold any part-time jobs). His tuition, books, living expenses, and fees total $15,000 a year. Given this information, the annual total cost of Nicky's MBA studies is:
a. $10,000.
b. $30,000.
c. $40,000.
d. $15,000.
e. $25,000.
c
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Which of the following examples best describes the Law of Diminishing Marginal Benefit?
A) If a seller of notebooks in a perfectly competitive market charges above the market price, his profit decreases. B) With each additional pen Jill buys, her willingness to pay for another pen decreases. C) Each additional unit of ice cream that John consumes gives him more and more satisfaction. D) If the weather gets cold, the demand for ice cream will fall.
One explanation for the slope of the aggregate demand curve is that: a. nominal income falls and so does the demand for goods and services as prices rise
b. falling prices make people feel poorer and reduce spending. c. the government spends less to drive the price level back to normal as prices rise. d. businesses increase spending when inflation is high and rising. e. domestic goods become more expensive relative to foreign goods when prices rise, reducing exports.
When network externalities are present, the market demand for the good in question becomes:
A.unit elastic. B. less elastic. C. more elastic. D. perfectly inelastic.
If an economy at the equilibrium level of GDP experiences an increase in the amount of investment spending, then inventories will be
a. depleted, causing firms to cut production. b. accumulated, causing firms to cut production. c. depleted, causing firms to increase production. d. accumulated, causing firms to expand production.