Assume the economy begins at the intersection of D0 S0. Suppose the government then instituted strong emission standards. How would this affect the supply curve?
A. Move along S0
B. Shift to S1
C. Shift to S2
D. No change
C. Shift to S2
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Opportunistic behavior is best described as a firm
A) gathering as much information as possible before dealing with another entity. B) attempting to make a profit from its dealings with another entity. C) firm trying to take advantage of another entity in its dealings with it. D) selecting another entity to deal with.
In the United States during the period from 1870 to 1940, the price level was most likely to
a. fluctuate. b. increase. c. decrease. d. trend generally upward.
Which of the following statements is (are) correct?
a. Relative to some other scientists, economists find it more difficult to conduct experiments. b. Theory and observation are important in economics as well as in other sciences. c. To obtain data, economists often rely upon the natural experiments offered by history. d. All of the above are correct.
Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The opportunity cost of a cup of coffee is:
A. 1/3 of a cappuccino. B. 6 cappuccinos. C. 9 cappuccinos. D. 3 cappuccinos.