Slump, downturn and contraction are all words for a(n)
A. expansion.
B. hyperinflation.
C. stagflation.
D. recession.
Answer: D
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Figure 3-1
According to Figure 3-1, the opportunity cost of one more bushel of wheat is
A. higher at B than at D. B. lower at B than at D. C. equal at B and D. D. impossible to determine from the information given.
Many people have bemoaned the fact that hand-written personal letters have become largely a thing of the past
They have also noted that the number of emails they receive have increased quite dramatically and can hardly be compared to the volume of letters that they used to receive by mail. Explain in terms of opportunity cost why this might be the case. Explain why junk email is probably more of a problem than traditional junk mail delivered to our mail box.
Lucinda buys a new GPS system for $250. She receives consumer surplus of $75 from the purchase. What value does Lucinda place on her GPS system?
A) $75 B) $175 C) $250 D) $325
The slope of a curved line differs from that of a straight line in that
a. the numerical value of the slope of a straight line is different at every point, but is the same at every point for a curved line. b. the numerical value of the slope of a straight line is always higher than the numerical value of the slope of a curved line. c. the numerical value of the slope of a curved line is different at every point, but is the same at every point for a straight line. d. the numerical value of the slope of a curved line is an irrational number, but the numerical value of the slope of a straight line is always a rational number. e. straight lines are more realistic, but curved lines are not descriptively accurate for the real world.