If a country engages in trade with other countries, it is known as
A. A closed economy.
B. A democracy.
C. A market economy.
D. An open economy.
Answer: D
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Other things remaining the same, a right shift in the supply curve will lead to:
A) a decrease in the equilibrium price and an increase in the equilibrium quantity. B) an increase in the equilibrium price and the equilibrium quantity. C) an increase in the equilibrium price and a decrease in the equilibrium quantity. D) a decrease in the equilibrium price and the equilibrium quantity.
Which of the following is not a reason that the findings of cost-benefit analyses on public goods are only rough approximations?
a. Without prices, it is difficult to be sure how much people really value a good. b. Analysts can't be sure that the respondents to surveys are telling the truth. c. Analysis must include not only the cost of building the project but also the cost of maintenance, if any. d. People value goods differently if they are publicly provided rather than privately provided.
Which one of the following relationships is most likely to be stochastic rather than deterministic?
a) The relationship between the number of hours LEAP tutors work in one pay period and the size of their paycheck for that period. b) The relationship between the number of boxes of Girl Scout cookies sold and the total revenue generated from the sales of Girl Scout cookies. c) The relationship between the number of hours students study and their GPAs. d) The relationship between the ticket revenue from a concert and the number of tickets sold.
Refer to Exhibit 2-9. For Adam, the opportunity cost of producing one unit of good A is ____________ unit(s) of good B.
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