If a college textbook costs $80 (for a new book) at a college bookstore, it probably cost the bookstore
A. $60.
B. $100.
C. $40.
D. $80.
Answer: A
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The effectiveness lag is
A) the time it takes for policy makers to obtain data indicating what is happening in the economy. B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy. C) the time it takes to pass legislation to implement a particular policy. D) the time it takes for policy makers to change policy instruments once they have decided on the new policy. E) the time it takes for the policy actually to have an impact on the economy.
In a competitive market, the quantity of a product produced and the price of the product are determined by
a. a single buyer. b. a single seller. c. one buyer and one seller working together. d. all buyers and all sellers.
In the? circular-flow diagram showing how a market system? works,
A. income flows to firms and the government through factor markets. B. households are demanders and firms are suppliers in factor markets. C. firms and households are both suppliers in product markets. D. income flows to firms through product markets. E. households purchase output produced by firms in product and factor markets.
If the firm produces one more unit of output and total cost rises from $1,000 to $1,050, marginal cost is
a. $1,050. b. $1,000. c. $2,050. d. $50.