Barry Bonds and Jennifer Lopez have which of the following in common?
A) Neither of them faces the problem of scarcity.
B) Each of them acts solely in the public interest.
C) Each of them chooses to advance some projects over others.
D) None of the above.
C
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When demand is elastic
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost. Now suppose there is a
sudden increase in demand for the industry's product which causes the price of the good to rise to $24. Which of the following describes the effect of this increase in demand on a typical firm in the industry? A) In the short run, the typical firm increases its output and makes an above normal profit. B) In the short run, the typical firm's output remains the same but because of the higher price, its profit increases. C) In the short run, the typical firm increases its output but its total cost also rises, resulting in no change in profit. D) In the short run, the typical firm increases its output but its total cost also rises. Hence, the effect on the firm's profit cannot be determined without more information.
If the central bank cannot commit, then
A) the leader of the central bank wants to quit. B) the outcome is good for the macroeconomy. C) the central bank cannot stop itself from exploiting the Phillips curve. D) the Phillips curve is stable.
Which of the following revenue-raising options did the "colonial" government select to secure the resources needed to revolt?
(a) Printing money and borrowing from other countries (b) Printing money and confiscating property (c) Taxing and borrowing from other countries (d) Taxing and reducing non-military government spending