Kate is a professional opera singer who gives voice lessons. The vocal-music industry is competitive. Kate hires a business consultant to analyze her financial records. The consultant recommends that Kate give fewer voice lessons. The consultant must have concluded that Kate's
a. total revenues exceed her total accounting costs.
b. marginal revenue exceeds her total cost.
c. marginal revenue exceeds her marginal cost.
d. marginal cost exceeds her marginal revenue.
d
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Suppose that there are two goods that a small island nation can produce – coconuts and breadfruit
If the inputs for both goods are perfectly interchangeable and there is never a rise or fall in opportunity cost explain what the production possibilities frontier should look like and why.
An increase in the price of a good causes
A) a change in the slope of the budget line. B) an increase in the consumption of that good. C) a rightward shift of the demand curve for that good. D) a parallel rightward shift of the budget line.
If the Fed buys a U.S. government bond from a member of the public,
a. the banking system has more reserves and the money supply tends to grow. b. the banking system has less reserves and the money supply tends to grow. c. the banking system has more reserves and the money supply tends to fall. d. the banking system has less reserves and the money supply tends to fall.
Which of the following would be an example of an unemployed resource?
a. John has been laid off from his job as an auto mechanic. b. Betty, a computer specialist, takes a job as a hotel maid. c. Mary, a senior citizen, receives a social security check. d. Sam, 10 years old, is in the fifth grade. e. a 10-year-old computer is now only used as a word processor.