A professor posts his course syllabi and past exams on the Internet. From the economic point of view, the professor's behavior
A) demonstrates the arrogance of the professor.
B) better informs prospective students.
C) is a costless use of scarce resources, because it avoids paper, ink, and mimeos.
D) is irrational.
B
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Beef is a normal good and people's incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in
A) an increase in the equilibrium quantity of beef. B) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve. C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve. D) no change in the equilibrium quantity of beef.
Which of the following did the Fair Labor Standards Act (FLSA) of 1938 not accomplish?
a. Lowered the maximum work week to 44 hours for many industries. b. Outlawed companies' rights to break union strikes. c. Prohibited many forms of child labor. d. Set a minimum wage for laborers.
Gooey Flakes is the only ready-to-eat cereal that has chocolate syrup injected into each flake. The machine that injects the syrup into the flakes can do nothing else. Which of the following is true?
a. All of the machine's earnings are economic rent. b. All of the machine's earnings are opportunity cost. c. The supply curve for this machine is horizontal. d. The demand curve for this machine is horizontal. e. The demand curve for this machine is vertical.
Exhibit 4-6 Demand and supply curves
In Exhibit 4-6, the demand curve has shifted from D1 to D2 and, simultaneously, the supply curve has shifted from S1 to S2. Describe these actions in this market.
A. Market supply has decreased, and market demand has increased. B. Market supply has increased, and market demand has decreased. C. Market supply has decreased, and market demand has decreased. D. Market supply has increased, and market demand has increased.