Refer to Table 1-3. Using marginal analysis, by how many hours should Santiago extend his store's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
C
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Some nonprice determinants of supply are:
A. prices of related goods, technology, prices of inputs, expectations, and the number of sellers. B. consumer preferences, the price of the good, and prices of related goods. C. expectations of sellers and number of buyers in the market. D. prices of related goods, technology, and consumer preferences.
Foreign income is defined to be income earned:
A. by a nation’s firms when they operate abroad. B. when a domestic citizen works abroad. C. on investments made abroad. D. by those living outside a country.
The existence of economic profits in a perfectly competitive industry
A. will signal resources to flow into that industry. B. gives the investors in that industry a return on investment that just covers opportunity costs. C. indicates an inelastic demand for the industry's products. D. indicates that economic resources are being used efficiently in that industry.
The "monetary policy transmission mechanism" connects
A. individual income tax rates to aggregate supply. B. open market purchases to the Fed's balance sheet. C. short-term interest rates to aggregate demand. D. individual income tax rates to aggregate demand.