The upward slope of the supply curve reflects the:
A. principle of specialization in production.
B. law of supply.
C. fact that price and quantity supplied are inversely related.
D. law of diminishing marginal utility.
Answer: B
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We can use macroeconomic analysis to:
A. learn how to balance a checkbook. B. study the choices made by households. C. understand marginal changes in the macroeconomy. D. understand why economies grow.
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$10,000$12,000911,00017,000813,00022,000716,00026,000620,00033,000
Table 9.8 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If the two firms were to voluntarily trade pollution permits, how many permits would be swapped?
A. 0 B. 1 C. 2 D. 3
Refer to Scenario 7.5 below to answer the question(s) that follow.SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles. Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000. To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.Refer to Scenario 7.5. Your economic profit last year was
A. -$20,000. B. -$10,000. C. $15,000. D. $35,000.
Refer to the graph below. What events would tend to temporarily move the economy from point B2 to C2?
A. A tight monetary policy
B. A contractionary fiscal policy
C. An easy money policy
D. An increase in aggregate supply