Which of the following is NOT a type of market structure?
A. Monopolistic oligopoly
B. Perfect competition
C. Monopoly
D. Monopolistic competition
Answer: A
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Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision?
A) at least $125,000 B) It depends on the "going rate" for home-care providers. C) the value she attributes to the satisfaction she receives from taking care of her parents D) zero, since she will no longer be earning a salary
Bank panics have largely disappeared in the United States because
A) banks are now required to hold a larger fraction of deposits as reserves. B) of low interest rates. C) bank loans are more closely monitored by the Federal Reserve. D) of deposit insurance.
Suppose that workers in A can produce 1 unit of S in 3 hours and 1 unit of T in 9 hours. Suppose that the relative price of S in B is 2. Graph the PPF for country A. Indicate the exact slope of the PPF. Show how the autarky equilibrium is determined
Illustrate a hypothetical international trade equilibrium, including production and consumption points, and trade volumes for a given (your assumption-be explicit) but permissible value of the international terms of trade.
If you want to deflate the current price of something to eliminate the effect of inflation,
a. divide the number by the price index. b. multiply the number by the price index. c. multiply the number by 2 and then divide by the price index. d. multiply the number by the price index and then divide by 2.