Waiting in line to get a free ticket does not involve any opportunity cost
a. True
b. False
Indicate whether the statement is true or false
False
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A rent ceiling results in a shortage of apartments. As a result, there is
A) only a loss of consumer surplus for tenants. B) only a loss of producer surplus for landlords. C) a loss of both consumer and producer surplus. D) a gain of both consumer and producer surplus.
We know that products G and H are related goods, because when the price of G increases,
A) the demand curve for H will shift to the right, because G and H are complementary goods. B) the quantity of H demanded will shift along its demand curve, because G and H are complementary goods. C) the demand curve for H will shift to the left, because G and H are complementary goods. D) the demand curve for H will remain unchanged because G and H are substitute goods.
If Armenia can produce two rugs or 100 spy novels in an hour, and Turkey can produce one rug or 50 spy novels in an hour,
a. the terms of trade are 50 spy novels per rug, and Turkey should produce both rugs and spy novels b. the terms of trade are 50 spy novels per rug, and Turkey should produce only rugs c. the terms of trade are 50 spy novels per rug, and Armenia should produce only rugs d. there are no gains from trade e. the terms of trade are will exceed 50 spy novels per rug, and Armenia should produce both rugs and spy novels
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 20 units of labor, what is average product?
A. 6.0 B. 1.9 C. 2.4 D. 4.0 E. 6.3