A change in the demand for apples could result from any of the following EXCEPT
A) a change in the number of buyers.
B) increased preferences for fresh fruit consumption for health reasons.
C) a change in the price of an apple.
D) a change in the price of a banana.
E) a change in income.
C
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The arithmetic value of (1 - MPC) equals
A) MPS. B) APS. C) APC. D) NDP.
Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each. What are Wanda's total economic profits?
a. $150 b. $126 c. $96 d. $54
A rightward shift of the traditional Phillips Curve would suggest that:
A. the productivity of labor increased. B. the rate of inflation is now higher at each rate of unemployment. C. cost-push inflation decreased. D. the rate of inflation is now lower at each rate of unemployment.
Economic theory assumes people's actions generally follow
A) from comparisons of expected costs and benefits. B) no predictable pattern. C) considerations of material self-interest. D) the Golden Rule.