Which of the following states the definition of supply?
A. More of a good is supplied at a lower price.
B. There is a positive relationship between the price of a good and the quantity that buyers purchase.
C. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.
D. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.
Answer: C
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one bandana is
A) 1/3 of a hair pin. B) 2.5 hair pins. C) 3 hair pins. D) 9 hair pins.
Suppose that the equilibrium nominal interest rate is 5 percent and the equilibrium quantity of money is $1 trillion. At any interest rate below 5 percent,
A) the supply of money will decrease. B) there will be a surplus of money and bond prices will increase. C) the interest rate will fall and bond prices will fall. D) there will be a surplus of money and bond prices will fall. E) the interest rate will rise and bond prices will fall.
The cost of producing one more unit of a good or service is equal to its
A) marginal benefit. B) producer surplus. C) marginal expenditure. D) consumer surplus. E) marginal cost.
From 1980 to 2014, the average annual growth rate for the Mexican economy has been 0.8 percent. Based on that growth rate and using the rule of 70, the number of years it will take real GDP per capita to double in Mexico is approximately
A) 9 years. B) 11 years. C) 56 years. D) 88 years.