An information product typically has
A) high total fixed costs and high marginal costs.
B) low total fixed costs and low marginal costs.
C) low total fixed costs and high marginal costs.
D) high total fixed costs and low marginal costs.
D
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If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the short run, the economy would experience
A) an increase in the natural rate of unemployment. B) stagflation. C) long-run economic decline. D) hyperinflation.
The U.S. government suspended the convertibility of the dollar into gold in
A) the 1930s. B) the 1950s. C) the 1970s. D) 1991, when the first Gulf War broke out.
Which of the following is the best example of transaction cost?
a. The cost incurred on account of an increase in temporary workers b. The extra money you could have earned by working over the weekend had you not chosen to go camping with your friends c. The amount of time you spend in looking for a house d. The increase in production cost resulting from an increase in the hourly wages of workers
The price of a new textbook increased from $100 to $120 in one year, while the price of a used textbook increased by 20 percent. What happened to the relative price of a used textbook?
A) It decreased by 25 percent. B) It increased by 20 percent. C) It remained constant. D) It can't be determined without knowing the nominal price of the used textbook in at least one of the years.