If additional units of a good could be produced at a constant opportunity cost, the production
possibilities frontier would be bowed outward (concave).
Indicate whether the statement is true or false
FALSE
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The money price of a good is that price
A) expressed in constant 2005 dollars. B) expressed in purchasing power against a common item like bread. C) expressed in today's dollars. D) that would clear the market.
A monopolist's demand curve
a. is horizontal at the market price b. lies above its marginal revenue curve c. is the same as its marginal cost curve d. indicates that the firm must raise price to sell additional units e. lies above the marginal cost curve at all levels of output
The monetary rule is the view of the:
a. Keynesians that monetary policy is most important. b. Monetarists that monetary policy is most important. c. Classical economists that monetary policy is most important. d. Monetarists that the Fed should expand the money supply at a constant rate.
Nicky makes $25,000 a year as a sales clerk. He then decides to quit his job to enter a MBA program full-time (assume Nicky doesn't work in the summer or hold any part-time jobs). His tuition, books, living expenses, and fees total $15,000 a year. Given this information, the annual total cost of Nicky's MBA studies is:
a. $10,000. b. $30,000. c. $40,000. d. $15,000. e. $25,000.