Financial crises are typically ________
A) characterized by sharp declines in asset prices
B) associated with increases in business failures
C) accompanied by sharp economic downturns
D) all of the above
E) none of the above
D
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The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. As a result, there is a
A) shortage equal to 150,000 jackets. B) surplus equal to 150,000 jackets. C) surplus equal to 300,000 jackets. D) shortage equal to 250,000 jackets. E) shortage equal to 100,000 jackets.
Marginal cost ________ as the quantity produced is increased
A) first increases and then decreases B) first decreases and then increases C) always increases D) always decreases
A.B. Denson Company had been employing 6 workers and 8 tons of raw materials, using 2,000 square feet of plant space. The firm increased its work force to 12 workers utilizing 16 tons of raw materials in a plant space increased to 4,000 square feet. Total number of units of output increased from 78 to 160. What kind of returns to scale is the firm experiencing? Defend your answer.
What will be an ideal response?
Which of the following is not correct?
a. Economics is a study of the choices that people make and the resulting interactions they have with one another. b. In areas it has already studied, economists have found perfect and unchanging answers. c. Economists are trying to expand their understanding of human behavior and society. d. The economics of asymmetric information, political economy, and behavioral economics are all topics at the frontier of microeconomics.