For a ____, if incomes rise and prices do not change, quantity demanded will increase.
A. normal good
B. inferior good
C. Giffen good
D. substitute good
Answer: A
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the equilibrium output is ________ of paper
A) 1,600 tons B) 2,400 tons C) 3,200 tons D) 4,000 tons
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges a single entry price to each consumer, what is the profit-maximizing price per consumer?
A) $25 B) $15 C) $20 D) $10
Which of the following is not an example of money used as a unit of account?
a. A British pound is worth $3.00. b. Auto repairs were $3,000 last year. c. Business travel totaled 12,000 miles. d. Gasoline sells for $1.20 per gallon and oil is $5.00 per quart.