"If I didn't go to class tonight, I would save the $2 campus parking fee and spend three hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:
a. $0
b. $2.
c. $30.
d. $32.
d
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A firm has MR = $70 and MC = $20 + Q. Fixed costs are $175.
(a) If the firm is currently producing 30 units, what are its marginal cost and marginal revenue at the current output level? (b) Is the firm maximizing profits? If so, how can you tell? If not, what can the firm do to increase profits?
Consumers in Beachland consume only two goods, sodas and DVDs. If they spend $10 on sodas and $90 on DVDs a month, how many sodas and DVDs are in their CPI market basket if the price of a soda is $1 and the price of a DVD is $9?
A) 9 sodas and 1 DVD B) 1 soda and 9 DVDs C) 10 sodas and 9 DVDs D) 10 sodas and 10 DVDs E) It is impossible to determine the market basket without information on the quantity of at least one of the two goods consumed.
Socialism is correctly described by which of the following statements?
A. Central planning is never used to answer the basic economic questions. B. Markets are used exclusively to answer the basic economic questions. C. Tradition is used exclusively to answer the basic economic questions. D. Government ownership of many resources and centralized decision-making answers the basic economic questions.
Suppose a McDonald's Big Mac costs 29 pesos in Mexico, and the exchange rate between the peso and the Canadian dollar is 10 pesos per Canadian dollar. According to purchasing power parity, a Canadian Big Mac should cost:
A. 290 Canadian dollars. B. 2.90 Canadian dollars. C. 5.80 Canadian dollars. D. 0.34 Canadian dollars.