The physical and mental effort people use to produce goods and services is a description of which factor of production?
A) physical capital B) labor C) entrepreneurship D) human capital
B
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Derek has $1 to spend at the grocery store. An apple, an orange, and a banana cost $0.50 each. If Derek's MUA/PA (ratio of marginal utility to price) of an apple is 45, MUO/PO of an orange is 38, and MUB/PB of a banana is 52, he will purchase a(n) _____ first and a(n) _____ second
a. apple; orange b. orange; apple c. banana; orange d. banana; apple e. orange; banana
Figure 10-4
Figure 10-4 shows the industry's supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2). At S3, the firm is
a.
going to shut down.
b.
incurring losses.
c.
earning zero economic profits.
d.
earning economic profit greater than zero.
Suppose that a consumer's preferences are well behaved in that properties 4-1 to 4-4 are satisfied and the initial equilibrium consumption bundle consists of 10 units of X and 25 units of Y. If PY increases such that the new equilibrium consumption bundle is 15 units of X and 10 units of Y, then goods X and Y are:
A. unrelated. B. normal goods. C. complements. D. substitutes.
In an open economy under flexible exchange rates, a reduction in consumer confidence that causes a reduction in consumption will cause which of the following?
A) an appreciation of the domestic currency B) a reduction in the exchange rate, E C) a reduction in net exports D) all of the above E) none of the above