The Phillips curve shows the possible combinations of ________ and ________
a. potential output; the interest rate
b. the interest rate; the unemployment rate
c. the price level; real output demanded
d. the inflation rate; the unemployment rate
d
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Which of the following is used to explain why a consumer's willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases?
A) diminishing marginal utility B) market failure C) the income effect of a price change D) network externalities
If the demand curve for a product is horizontal, then
A) the demand for the product is perfectly inelastic. B) the demand for the product is perfectly elastic. C) only a certain amount of the product will be consumed regardless of price. D) the price elasticity of the product approaches zero.
The reason that most of the coffee that is consumed in the United States comes from Colombia is that
A. Colombia has an absolute advantage in producing coffee relative to the United States. B. Colombia has a comparative advantage in producing coffee relative to the United States. C. government trade disincentives regarding Colombian coffee make such trade possible. D. coffee cannot be grown in the United States.
Refer to the information provided in Scenario 22.5 below to answer the question(s) that follow.SCENARIO 22.5: The tiny nation of Bugaboo consists of two virtually identical islands, Achoo and Zoink, separated by the Strait of Dingo. The islands are similar in geography and population. The only telephone service on the islands is cellular, and the only cellular provider on the islands is the government-owned Bugaboo Communications Company, which charges a standardized rate of 20 Bugabucks per minute. Both islands add on an additional $5 Bugabucks-per-minute usage tax. As a way to increase revenue, the island governor of Zoink decided to increase the usage tax to $10 per minute, effective January 1, 2017. The average monthly cellphone usage per month is listed in the table below.?Average
Monthly Telephone Use per Resident (minutes)Island20162017Achoo4,5005,150Zoink4,8005,225Refer to Scenario 22.5. The total cost of telephone service for residents of Zoink in 2016 is ________ Bugabucks. A. 4,800 B. 24,000 C. 96,000 D. 120,000