According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study
a. is positive.
b. outweighs the extra cost.
c. exceeds the benefits of the previous hour of study.
d. will raise your exam score.
B
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An increase in production costs will shift the:
A) aggregate demand curve. B) short-run aggregate supply curve. C) long-run aggregate supply curve. D) none of the above.
A decrease in supply _____ price and _____ the quantity sold.
Fill in the blank(s) with the appropriate word(s).
Jorge deposited $1,000 into an account three years ago. The first two years he earned 5 percent interest; the third year he earned 6 percent interest. How much money does Jorge have in his account today?
a. $1,157.90 b. $1,168.65 c. $1,176.00 d. None of the above are correct to the nearest cent.
This Application examines the concept of
A) sticky prices. B) consumer spending habits. C) stagflation. D) the wealth effect.