You're buying snacks for an Econ Club meeting. You've been given $100 to spend on chips and soda. You buy 25 bags of chips and 15 sodas. If bags of chips cost $3 each and soda costs $1 each, are you within your budget?
A. No, Over budget by $10
B. Yes, Under budget by $0
C. No, Over budget by $15
D. Yes, Under budget by $10
Answer: D
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A model that sometimes makes incorrect predictions may be used by economic decision makers
a. under no circumstances b. only if its assumptions are detailed and realistic c. if it is mathematical and computerized d. if it is simple enough for a child to understand e. until a better model is developed
The reforms introduced by Congress in the 1930s led to:
A. the Great Crash. B. relative financial stability for over 70 years. C. a further decline that lasted for 25 years. D. the Great Depression to be worse than it needed to be.
The total cost of production equals
a. average total cost + average variable cost b. average total cost + average fixed cost c. average variable cost + average fixed cost d. total fixed cost + total variable cost e. marginal cost + total variable cost
Suppose you read in the French daily Le Monde that saving in France in 2003 was less than the intended investment French businesses had hoped to make. You would conclude that in 2003, the French economy was
a. in equilibrium, and no change occurred in its national income b. not in equilibrium, and its national income fell c. in equilibrium, and its national income fell d. not in equilibrium, and its national income rose e. in equilibrium, and its national income rose