Refer to Table 2-18. What is Minnie's opportunity cost of making an umbrella?
A) 1/10 of a hat B) 1/4 of a hat C) 4 hats D) 40 hats
C
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Native-born workers may not be harmed by immigration if:
A. They are complementary resources to immigrant workers B. They are substitute resources to immigrant workers C. Demand for their labor is elastic D. Immigrants remit their earnings to their home countries
If the demand for good A is more elastic than the demand for good B, a small decrease in supply in both markets will cause
a. a much greater increase in price for good A than for good B b. a much greater increase in price for good B than for good A c. the price will increase by the same amount in both markets d. only the price of good B will increase e. only the price of good A will increase
The real rate of interest equals 4% and the expected rate of inflation equals 2%. The nominal rate of interest equals
A. 6%. B. -1%. C. 2%. D. 3%.
A single-price monopoly has marginal cost of $23 and marginal revenue of $28. Which of the following is definitely correct?
A) It is maximizing profit. B) To increase profit, it should produce less. C) To increase profit, it should produce more. D) It should shut down. E) It is making an economic profit.