If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, what is the opportunity cost of food in terms of shelter?
A. 2
B. 10
C. 15
D. 5
Answer: A
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If human capital was included in the measurement of wealth, the measurement of wealth would be
A) more equal and more accurate. B) more equal and less accurate. C) less equal and more accurate. D) less equal and less accurate.
The unemployment rate will rise when
A) people get discouraged and quit looking for a job. B) the average work week falls from 40 hours to 39 hours. C) the duration of unemployment increases. D) the size of the labor force increases without an increase in employment.
Which of the following is not necessary for price discrimination to occur?
a. a downward-sloping demand curve facing the firm b. control over price by the firm c. the firm can easily distinguish groups with different price elasticities d. the firm can easily prevent resale of the good by lower-price customers e. economies of scale exist
Neither positive nor negative supply shocks a. Change AD
b. Permanently change real output in an economy. c. Change the price level in the long run. d. Do any of the above