Refer to the above graph. It shows short-run cost curves for a competitive firm. At what price would the firm break even?
A. P1
B. P2
C. P3
D. P4
Answer: D
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Kristen has an income of $450 per year to spend on music CDs and movies on DVDs. The price of a CD is $15 and the price of a DVD is $22.50. The indifference curves in the figure above (I1, I2, and I3 ) reflect Kristen's preferences
What is Kristen's best affordable combination of DVDs and CDs? A) 10 DVDs and 15 CDs per year B) 15 DVDs and 12 CDs per year C) 12.5 DVDs and 12 CDs per year D) 5 DVDs and 18 CDs per year
The "Big Mac Theory of Exchange Rates" tests the accuracy of the purchasing power parity theory. In July 2015, the Economist reported that the average price of a Big Mac in the U.S. was $4.79
In Sweden, the average price of a Big Mac at that time was 43.7 kronor. What is the "implied exchange rate" between Swedish kronor and U.S. dollars? A) 0.11 kronor per dollar B) 1.90 kronor per dollar C) 9.12 kronor per dollar D) 46.2 kronor per dollar
If a negative income tax system were implemented, then the poor would have no incentive to find work
a. True b. False Indicate whether the statement is true or false
If the inflation rate in an economy is higher than expected, which of the following groups in the society would be most likely to gain?
a. Borrowers b. Lenders c. Persons holding large amounts of money d. Persons on fixed incomes e. Workers under contract without a cost of living adjustment