As the housing market took off in the early 2000s:
A. the growth in household debt accelerated.
B. the growth in household debt slowed.
C. household debt became positive for the first time since the Great Depression.
D. household debt became negative for the first time since the Great Depression.
Answer: A
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Bette's Breakfast, a perfectly competitive eatery, sells its "Breakfast Special" (the only item on the menu) for $5.00. The costs of waiters, cooks, power, food etc. average out to $3
95 per meal; the costs of the lease, insurance and other such expenses average out to $1.25 per meal. Bette should A) close her doors immediately. B) continue producing in the short and long run. C) continue producing in the short run, but plan to go out of business in the long run. D) raise her prices above the perfectly competitive level. E) lower her output.
Which of the following would be counted as a final good for GDP?
a. a used truck b. lumber for construction c. steel for manufacturing d. a new house
Peter Theil sees monopolies as:
A. solving a unique problem for consumers. B. bad for business. C. bad for consumers. D. bad for society.
Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2?
A. an increase in the price of fertilizer B. a change in consumer tastes away from wheat bread C. the development of a more effective insecticide against cutworms D. a decrease in consumer incomes, assuming wheat is a normal good