Which of the following is most likely to result in unemployment?
A. Aggregate demand grows more rapidly than aggregate supply.
B. Aggregate demand and aggregate supply grow at the same rate.
C. Aggregate supply grows more rapidly than aggregate demand.
D. Neither aggregate demand nor aggregate supply grows at all.
Answer: D
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Refer to Figure 4-3. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
In the market for land as a resource, the demand curve is elastic while the supply curve is perfectly inelastic. Identify the underlying assumption
a. There are limited ways in which land can be used as a resource. b. Land as an input has large number of substitutes. c. There is a fixed supply of land. d. Land includes all immovable assets. e. The productivity of land improves over time.
If people buy less flowers at every price when their incomes fall, then
a. flowers are a normal good. b. the demand for flowers is positively sloped. c. demand for flowers has increased. d. the price of flowers has increased. e. there has been a decrease in population that changed demand.
Jamar used to work as an office manager, earning $40,000 per year. He gave up that job to start a life-coaching business. In calculating the economic profit of his life-coaching business, the $40,000 income that he gave up is counted as part of the life-coaching business's
a. total revenue. b. opportunity costs. c. explicit costs. d. marginal costs.