Which of the following has occurred for the United States since 1960?
A) The ratio of exports to GDP (X/Y) and the ratio of imports to GDP (IM/Y) have both increased.
B) X/Y has increased while IM/Y has decreased.
C) X/Y has decreased and IM/Y has increased.
D) X/Y has decreased and IM/Y has decreased.
A
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Refer to the following table which gives the demand and cost data for a price-setting firm: 
What is the profit-maximizing price?
A. $18 B. $19 C. $16 D. $17 E. $15
Which of the following is false?
A. The monopolist and perfect competitor both produce where MC equals MR. B. A monopoly is a firm that produces all the output in an industry. C. If a monopolist is losing money, it is in the long run. D. Price is read off the demand curve for the monopolist.
Which of the following is a market transaction?
A. A stock increases in value over the 30 years that it is owned. B. A radio station changes its programming from classical to rock. C. Weather destroys a farmer's crops, leaving the farmer unable to buy groceries. D. A college student purchases a laptop computer.
Jane is deciding whether to go to school for 8 weeks this summer. The cost of tuition and textbooks is $1,700 and housing and other expenses will cost her $600
If she does not go to school, she will live in her parents' house for free and they will cover her food and other expenses for her. Also, if Jane does not go to summer school she could work fulltime. But the best job she can get pays only $600 per week, and Jane would only agree to give up her free time for no less than $750 per week. However, if she goes to summer school, she'll have to spend 40 hours a week attending classes and studying. a) What will the summer school cost Jane in terms of money spent? b) What are the opportunity costs of going to summer school that Jane does not pay explicitly? Explain. c) What is Jane's total opportunity cost of going to school this summer? Explain your answer. d) Suppose that if Jane does not go to summer school, she will eventually take the classes anyway. What is Jane's marginal benefit of going to summer school? e) Suppose Jane decides to go to school in the summer. Explain her decision using the concepts of marginal cost and marginal benefit.