Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hamburger is $5.00. Tom's monthly income is
A. $4.
B. $60.
C. $80.
D. $100.
Answer: D
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Prior to 1995 productivity growth in Europe was ________ in the United States
A) higher than B) lower than C) same as D) None of the above
Which of the following statements most likely lies within the realm of macroeconomics?
A. An increase in the price of automobiles will lead to a decrease in the quantity of automobiles demanded. B. Due to process innovations in computer chip manufacturing, the market supply of computers increased. C. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. D. Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the course textbook.
The author of the book An Inquiry into the Nature and Causes of the Wealth of Nations is
A. Adam Smith. B. Donald Trump. C. Janet Yellen. D. Thorstein Veblen.
What happens to equilibrium price when simultaneously demand increases and supply decreases?
A. Equilibrium price will increase. B. Equilibrium price will decrease. C. Equilibrium price will remain the same. D. Equilibrium price may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and supply.