Suppose the only two goods that Charlie consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese — spending his entire income of $100 . One day the price of wine falls to $5 a bottle and the price of cheese increases to $20 a pound, while his income does not change. The bundle of wine and cheese that he
purchased at the old prices now costs
a. the same amount at the new prices.
b. less than Charlie's income at the new prices.
c. more than Charlie's income at the new prices.
d. We do not have enough information to answer the question.
c
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We have drawn the SAS and SP curves as straight lines for convenience. More realistically, rising output ________ the structural unemployment problem and the effect of this on wages causes those curves to ________ in slope
A) aggravates, increase B) aggravates, decrease C) alleviates, increase D) alleviates, decrease
This table shows individual demand schedules for a market.
According to the table shown, what will the equilibrium price be in this market?
A. $0.50
B. $1.50
C. $2.00
D. Cannot be determined without more information.
What is the marginal benefit associated with producing six units of the control variable, Q (identify point D in the table)?Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. 400 B. 600 C. 200 D. 100
Which of the following is a land resource?
A. A farmer. B. An oil drilling rig. C. A machine for detecting earthquakes. D. Natural gas.