Related to the Economics in Practice on page 3: According to the Economics in Practice, when rural India is suffering from a drought where agricultural output is low, the opportunity cost of having someone out of the labor force, and therefore unable to work in agricultural production, is
A. low.
B. infinite.
C. zero, because the person is out of the labor force.
D. high
Answer: A
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When firms enter a monopolistically competitive market: a. product variety diminishes
b. the demand curves of established firms shift to the right. c. prices fall. d. profits increase.
The price of one country's currency in terms of another country's currency is the
A. terms of trade. B. exchange rate. C. currency valuation. D. balance of trade.
Refer to the diagram for a monopolistically competitive firm. Long-run equilibrium price will be:
A. above A.
B. EF.
C. A.
D. B.
Refer to the data sets. Which of the data sets would graph as an upsloping line?
Answer the question on the basis of the following five data sets, wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis.
| (1) | (2) | (3) | (4) | (5) | |||||
| J | K | L | M | N | P | R | T | U | V |
| 0 | 10 | 0 | -15 | 100 | 40 | 0 | -15 | 0 | 0 |
| 40 | 20 | 30 | -5 | 80 | 50 | 20 | -25 | 5 | 10 |
| 80 | 30 | 60 | 5 | 60 | 60 | 40 | -35 | 10 | 20 |
| 120 | 40 | 90 | 15 | 40 | 70 | 60 | -45 | 15 | 30 |
| 160 | 50 | 120 | 25 | 20 | 80 | 80 | -55 | 20 | 40 |
| 200 | 60 | 150 | 35 | 0 | 90 | 100 | -65 | 25 | 50 |
Refer to the data sets. Which of the data sets would graph as an upsloping line?
A. 1 only.
B. 1, 2, and 3 only.
C. 4 and 5 only.
D. 1, 2, and 5 only.