If the demand for oranges falls, as a result, it is highly likely that the demand for:
A. orange juice will fall.
B. apples will increase.
C. orange grove workers will fall.
D. apple orchard workers will decrease.
Answer: C
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The demand for bonds is
A) equivalent to the demand for loanable funds. B) equivalent to the supply of loanable funds. C) represented by an upward-sloping line when the price of bonds is on the vertical axis and the quantity of bonds demanded is on the horizontal axis. D) represented by a downward-sloping line when the interest rate is on the vertical axis and the quantity of bonds demanded is on the horizontal axis.
Steve is finding it impossible to get over his most recent break-up and finds himself talking about her constantly. An example of a commitment device that Steve could use to get over her would be:
A. to allow Steve's best friend to punch him in the arm any time he mentions her name. B. to take a cold shower every morning. C. to start dating someone else. D. None of these is a commitment device.
The amount of money that could have been made by renting a piece of land to be used for building an office building instead of using the land for employee parking is a(n):
a. implicit cost. b. accounting cost. c. explicit cost. d. pure economic cost.
The graph above shows cost curves for a perfectly competitive firm. If market price is $3, how much profit will the firm earn?
A. -$400 B. $200 C. $400 D. -$200