Under the right circumstances, what resource could be used in the production of gasoline?
A) Rosary beads
B) A telephone operator
C) Olive oil
D) Computers
E) All of the above.
E
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Part of the contract curve can be found by connecting points
A) a and b. B) a and c. C) b and d. D) c and d.
Assume the U.S. government wants to hold the value of the dollar at $1.00 U.S. equals 6 Chinese yuan, but it finds that the value of yuan is depreciating against the U.S. dollar. What would be an appropriate policy to reverse this trend?
A) Increase government spending within the U.S. B) Buy U.S. dollars. C) Sell U.S. dollars. D) Increase the money supply in the U.S.
If a firm shuts down in the short run and produces no output, its total cost will be
a. zero b. equal to total variable cost c. equal to total fixed cost d. equal to explicit costs only e. impossible to calculate
Refer to the accompanying figure, which shows the market for cups of coffee. Consider the original supply and the original demand curve. If the government imposes a price ceiling of $1.00 on a cup of coffee, then there would be:
A. a short-term excess demand for coffee, followed by an increase in the equilibrium price. B. an excess supply of coffee. C. a new equilibrium at a price of $1.00 per cup and a quantity of 50 cups per hour. D. an excess demand for coffee.