If the law requires apartment building owners to lower rent, the law of supply predicts that, other things constant, the:
A. quantity of apartment units supplied will fall.
B. supply of apartment units will shift leftward.
C. quantity of apartment units supplied will rise.
D. supply of apartment units will shift rightward.
Answer: A
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Which of the following is an example of a long-run adjustment?
A) Wal-Mart builds another Supercenter. B) A soybean farmer turns on the irrigation system after a month long dry spell. C) Your university offers Saturday morning classes next fall. D) Ford Motor Company lays off 2,000 assembly line workers.
Refer to the accompanying table. To increase output from 33 to 66 units requires ________ extra employee(s) per day; to increase output from 66 to 99 units requires ________ extra employee(s) per day.Output Per DayNumber of Employees Per Day00331662994132716511
A. 1; 2 B. 2; 4 C. 1; 1 D. 2; 1
Real GDP measures the ________ of production; nominal GDP measures the ________ of production.
A. current dollar value; current dollar value B. current dollar value; market value C. current dollar value; physical volume D. physical volume; current dollar value
The total cost to society of producing an additional unit of a good or service is the marginal
A. private cost. B. damage cost. C. social cost. D. external cost.