If the consumer price index were 233.8 last year, 261.3 today, a level of _____ next year would represent disinflation.
A. 261.3
B. 661.3
C. 283.1
D. 260.0
C. 283.1
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What is an efficient way to study for an economics exam?
A) Attend every lecture and take copious notes. B) Read the assigned material once before each class and once after. C) Form study sessions with others in class. D) Put off everything and instead cram the night before the exam. E) Any of the above might be efficient, depending on one's perceived costs and benefits.
When all prices are set equal to marginal costs,
A. consumers buy more than they should. B. consumers will get less utility. C. markets are giving correct signals to consumers. D. producers make excessive profits.
Sunk costs should be ignored in decision making because they
a. increase the cost of the transaction b. lead to an increase in the opportunity cost of any decision c. have already been paid d. often exceed marginal and average costs e. are usually negligible when compared with the explicit costs of decisions
In the perfectly competitive market, the labor supply curve faced by the individual firm is ________, while that of the market is ________
A) perfectly elastic; perfectly inelastic B) perfectly inelastic; perfectly elastic C) perfectly elastic; upward sloping D) perfectly inelastic; upward sloping