A key indicator of the hardship experienced during the Great Depression is the:
A. large budget deficits.
B. high rate of inflation.
C. high rate of unemployment.
D. large trade deficits.
Answer: C
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Assume that Figure 4-16 shows the supply of steak. An increase in the price of cattle feed will change the supply from
A. S1to S2. B. S2to S1. C. S2to S3. D. S1to S3.
The situation in which a person places greater value on a good as more and more people possess it is called
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
The price elasticity of demand increases with the length of the period considered because
A. consumers' incomes will increase over time. B. the demand curve will shift outward as time passes. C. consumers will be better able to find substitutes. D. all prices will increase over time.
Let us suppose that if Oprah Winfrey was not a superstar she would have been a judge making $100,000 per year. If she makes $63 million dollars this year, her opportunity cost is
A) $63.0 million. B) $63.1 million. C) $100,000. D) $62.9 million.