Does an increase in the demand for Introductory Economics increase the cost to students of taking the course?
A) No, because tuition rates are not set to clear the market.
B) Not if the college refuses to hire additional people to teach the course.
C) Yes, if the course is consequently taught in a larger room, which costs more to heat.
D) Yes, insofar as students have to accept less satisfactory class schedules in order to take the course.
D
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A production possibilities frontier has a downward slope because
A. increased production of one good always reduces the additional profit of production. B. decreased production of one good is associated with lower profit from that good. C. economists have a negative view of life and human nature. D. increased production of one good always reduces production of the other. E. increased production of one good necessarily causes production of other goods to increase.
A major problem in projecting with a trend line is that
A) only straight-line projections can be accommodated. B) it is valid only if the trend is upward. C) it will not forecast turning points in activity. D) it is a very complex method of forecasting.
The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:
A. market economy. B. command economy C. soviet economy. D. traditional economy.
Refer to the information provided in Figure 5.7 below to answer the question(s) that follow.
Figure 5.7The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve.Refer to Figure 5.7. The amount of the tax is ________ per pumpkin.
A. $1.25 B. $1.75 C. $3.00 D. $7.25