Costing more than the average person's yearly income, the Atlantic passage in the early seventeenth century was roughly
a. £1
b. £10
c. £100
d. £1,000
b. £10
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A monopolist's supply curve
a. is the upward-sloping portion of its marginal cost curve b. is the portion of its marginal cost curve above AVC c. is parallel to its long run ATC curve d. does not exist because quantity supplied depends on the market demand curve e. is derived from the average variable cost curve
During 1981-1985, the United States pursued a restrictive monetary policy that sharply lowered inflation. At the same time, large budget deficits helped push real interest rates to an all-time high. What would you expect to happen to the value of the dollar on the foreign exchange market?
Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers
a. both labor and capital to be fixed. b. both labor and capital to be variable. c. labor to be variable and capital to be fixed. d. capital to be variable and labor to be fixed.
Wilson is offered a job in Kansas City that pays $50,000 and a job in Dallas that pays $60,000 . Which pair of CPIs would ensure that the two salaries have the same purchasing power?
a. 80 in Kansas City and 100 in Dallas b. 125 in Kansas City and 150 in Dallas c. 100 in Kansas City and 124.5 in Dallas d. 100 in Kansas City and 140 in Dallas