The tasks performed by the chef at your favorite restaurant could be categorized as
A. an economic good.
B. a good.
C. a service or intangible good.
D. All of these are correct.
Answer: D
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The median-voter theorem explains why
a. politicians take extreme stands on issues. b. voters are attracted to political outsiders. c. two opposing politicians tend to take opposite sides of each issues. d. politicians tend to take middle-of-the-road positions.
Refer to the graph shown. If market price increases from $5.00 per unit to $6.00 per unit, a profit-maximizing perfectly competitive firm will:
A. decrease output from 750 to 650. B. produce 850 units of output. C. increase output from 650 to 750. D. continue to produce 650 units.
Suppose the value of the price elasticity of demand is -3. What does this mean?
A) A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. B) A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent. C) A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. D) A $1 increase in price causes quantity demanded to fall by 3 units.
If the interest rate rises, you would expect the price of any stock to
A. rise. B. fall. C. be unaffected. D. fall to zero.