If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________
A) $20,000; $10,000
B) $40,000; $8,000
C) $30,000; $5,0000
D) $5,000; $40,000
E) a and c
B
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A perfectly competitive furniture-rental firm in Phoenix incurs an economic loss if the average total cost of each rental is
A) greater than the marginal revenue of each rental. B) less than the marginal revenue of each rental. C) equal to the marginal revenue of each rental. D) equal to the price of each rental. E) greater than the average variable cost of each rental.
Output choices are made necessary within a market because of:
A. Inefficient use of resources. B. High prices for goods. C. Scarcity of resources. D. Advancing technology.
Exhibit 4-10 Supply and demand data for apricots Bushels demandedper month Price perbushel Bushels suppliedper month 50 $5 80 55 4 75 60 3 70 65 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?
A. There would be a shortage of apricots. B. Buyers would not want to purchase all of the apricots that are supplied. C. There would be a surplus of apricots. D. Farmers would reduce the number of acres allocated to the growing of apricots.
We began running consecutive annual trade deficits
A. before we began running current account deficits. B. at the same time we began running current account deficits. C. after we began running current account deficits.