The slope of the production possibilities curve is positive if there is free trade.
a. true
b. false
Answer: b. false
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To say that a price ceiling is nonbinding is to say that the price ceiling
a. results in a surplus. b. is set above the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
Describe how marginal costs and marginal product are related and give an example.
What will be an ideal response?
Rodolfo gets 1 util from regular potato chips, 4 utils from salt-and-vinegar chips, and 6 utils from barbeque-flavored chips. If regular potato chips cost $3.00, which of the following pricing structures represents consumer equilibrium?
a. salt-and-vinegar: $3.00; barbeque: $3.00 b. salt-and-vinegar: $4.00; barbeque: $6.00 c. salt-and-vinegar: $6.00; barbeque: $8.00 d. salt-and-vinegar: $12.00; barbeque: $18.00
A friend wants to learn how a nation's unemployment rate is calculated and how it changes over time. He asks you which economics course to take and you advise him to enroll in
A) macroeconomics. B) microeconomics. C) either micro- or macroeconomics. They both concentrate equally on those issues. D) political science because economics doesn't address those topics in its courses.