Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails
B. opportunity cost of cleaning the house
C. fees to Airbnb
D. All of these are part of the costs.
Answer: D
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Answer the next question(s) based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100The government's introduction of a guaranteed price floor of $50 will result in
A. a shortage of 200 units. B. an unstable market. C. a surplus of 200 units. D. no shortage or surplus.
Which of these is assumed to be constant along an aggregate supply curve?
a. The price level in an economy b. The exchange rate between the domestic and a foreign currency c. The state of technology used in production d. The unemployment rate e. The real GDP
When interest rates come down,
a. people on average are better off since borrowing is now less expensive. b. people on average are worse off since the income of lenders will now decrease. c. social welfare is left unchanged since what borrowers gain is exactly offset by what lenders lose. d. people on average may or may not be better off, depending on how high the rate was to begin with.
According to Keynesian economists, which of the following is not a consequence of increasing the money supply?
A. a lower interest rate B. greater investment C. lower real GDP D. higher real GDP