If the price of chili increases, there will be ________ of chili cheese fries.
A. an increase in the quantity supplied
B. an increase in the supply
C. a decrease in the supply
D. a decrease in the quantity supplied
Answer: C
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If we move along a production possibilities curve and choose more of one type of good, the opportunity cost is measured in terms of the amount of the other good that is given up
Indicate whether the statement is true or false
When constructing the consumer price index, the Bureau of Labor Statistics does not do which of the following?
a. Try to include all the goods and services that the typical consumer buys. b. Try to weight the goods and services that the typical consumer buys according to how much consumers buy of each item. c. Survey consumers to determine what the typical consumer buys. d. Survey sellers to determine what the typical consumer buys.
Over the last several years, the Chinese government has allowed the yuan to rise in value relative to the dollar. This means that Chinese-made goods
A. will be less affordable for Chinese consumers. B. are now more expensive compared to U.S.-made goods. C. will be harder to compete with in U.S. markets. D. are now less expensive for U.S. consumers.
The workers in Adam Smith’s famous pin factory, who were proficient in pin production, faced the problem of
A. too many different tasks. B. becoming bored with their jobs. C. needing to exchange pins for other goods and services. D. not having too few pins to purchase other goods and services.