Members of the European Union decided to adopt a single currency by what year?
A) 2008 B) 2005 C) 1999 D) 1992
C
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Your professor loves her work, teaching economics. She has been offered other positions in the corporate world that would increase her income by 25 percent, but she has decided to continue working as a professor. Her decision would not change unless the marginal
a. cost of teaching increased. b. benefit of teaching increased. c. cost of a corporate job increased. d. benefit of a corporate job decreased.
Figure 9.4 represents the market for used 12 megapixel digital cameras. Suppose buyers are willing to pay $400 for a plum (high-quality) used digital camera and $200 for a lemon (low-quality) used digital camera. If buyers believe that 50% of used digital cameras in the market are lemons (low quality), how many lemons will be supplied by sellers?
A. 50 B. 60 C. 150 D. 200
Over the past 40 years, which of the following has the U.S. economy experienced?
A. secular deflation B. stable prices and so zero inflation rate C. persistent deflation D. persistent inflation
Which of the following is FALSE regarding the general rule for hiring?
A. Virtually every optimizing rule in economics involves comparing marginal benefits with marginal cost. B. The firm hires workers up to the point at which the additional cost associated with hiring the last worker is equal to the additional revenue generated by that worker. C. The benefit from added workers is extra output and consequently more revenues. D. If any firm hired fewer workers over time, profits would definitely increase at that firm.