Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. What is the opportunity cost for this person of moving from point a to point b?
a.
$5 of income per week
b.
$10 of income per week
c.
two hours of studying per week
d.
$10 per hour of studying per week
e.
$20 of income per week
b
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If the demand curve for comic books is expressed as Q = 10,000/p, then demand has a unitary elasticity
A) only when p = 10,000. B) only when p = 100. C) always. D) never.
The law of small numbers describes:
A) the tendency for people to overstate the probability associated with rare events. B) the ability to correctly estimate the expected outcome from a small number of events. C) the higher probability that small numbers (like 1, 2, and 3 ) occur in random samples relative to large number (like 8 or 9 ). D) the improved accuracy of averages to estimate relatively small numbers (on the order of 1 or 10 ) than relatively large numbers (on the order of 1,000 or 10,000 ).
Define the natural rate of unemployment and cyclical unemployment
When the coupon rate on newly issued bonds decreases from 6 percent to 5 percent, the prices of existing bonds:
A. remain unchanged. B. decrease only if the coupon rate is less than 5 percent. C. decrease. D. increase.