Suppose that a new study is released stating that consumption of orange juice (a substitute for apple juice) reduces the risk of cancer, and a major freeze destroys half of the country's apple cro
A) The price of apple juice might rise or fall and the quantity of apple juice falls.
B) The quantity of apple juice might rise or fall, and the price of apple juice rises.
C) The price of apple juice falls and the quantity of apple juice falls.
D) The price of apple juice might rise or fall and the quantity of apple juice rises.
A
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The figure above represents the competitive market for slices of key lime pie. If the production is 80 slices per day, the cost of the 80th slice is
A) less than anyone is willing to pay for it. B) more than anyone is willing to pay for it. C) equal to what someone is willing to pay for it. D) indeterminant. E) equal to the deadweight loss from the 80th slice.
Jim's Shoe Shine Shop operates in a perfectly competitive market. If its marginal revenue is $5 per shine, then
a. the next shine will bring in less than $5 in additional revenue b. the next shine will bring in more than $5 in additional revenue c. the market price per shine is $5 d. price is less than $5 e. price is equal to total revenue at all output levels
Actual reserves are equal to required reserves plus excess reserves
Indicate whether the statement is true or false
If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
A. 9.7 percent B. 2.4 percent C. 3.5 percent D. 2.6 percent