A country's imports are sensitive to its level of domestic income
a. True
b. False
Indicate whether the statement is true or false
True
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An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision
The second development was that the companies renting eye-surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments A) decreased demand and increased supply resulting in an increase in both the equilibrium quantity and the equilibrium price of laser eye surgeries. B) decreased demand and increased supply, resulting in a decrease in both the equilibrium price and the equilibrium quantity of laser eye surgeries. C) decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. D) decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries.
Private property rights are
A) an externality. B) a social cost. C) property that is owned by everyone and therefore by no one. D) exclusive rights of ownership.
Which of the following statements is not correct?
a. The marginal cost of the fifth unit of output equals the total cost of five units minus the total cost of four units. b. The total variable cost of seven units equals the average variable cost of seven units times seven. c. If marginal cost is rising, then average variable cost must be rising. d. The marginal cost of the fifth unit of output equals the total variable cost of five units minus the total variable cost of four units.
Which of the following would indicate that the dollar amount being analyzed is money?
A. M1 money stock of $1.4 trillion at the end of 2010 B. Microsoft profits of $500 billion in 2010 C. The first quarter of 2002 D. Nominal GDP in 2010 of $14.7 trillion