If a person is going to pay $500 per month every month for 5 years, what do you know about their car loan (if the interest rate is positive)?
A. The loan amount was exactly $30,000.
B. Nothing.
C. The loan amount was more than $30,000.
D. The loan amount was less than $30,000.
Answer: D
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If the supply of labor to a monopsonist is everywhere unit elastic, then the wage will equal
A) the marginal expenditure. B) one-half of the marginal expenditure. C) the marginal revenue product of labor. D) one.
A fundamental aspect of economics is to
A. analyze how choices are made. B. make sure that we always have sufficient resources. C. satisfy all our wants. D. ensure that every firm makes a profit.
You have $1 to spend on a vending machine snack. A bag of chips will cost you $1 and the candy bar will also cost you $1. If you choose the bag of chips, the opportunity cost of buying the chips is:
A) $1. B) $1 plus the enjoyment you would have received from the candy bar. C) the enjoyment you would have received from the candy bar. D) $2 minus the enjoyment you received from the bag of chips.
According to the textbook, the most important and enduring source of market power is:
A. government franchises. B. economies of scale. C. copyrights. D. patents.