Which of the following has been a century-long trend in the United States?
A. Decline of total value of world trade.
B. Relative decline in service sector to manufacturing.
C. Relative decline in manufacturing to the service sector.
D. Relative increase in farming to manufacturing.
Answer: C
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You are better off choosing $400 in 4 years rather than $300 today if the interest rate is
a. lower than about 5.5 percent. b. higher than about 5.5 percent. c. lower than about 7.5 percent. d. higher than about 7.5 percent.
As an economy produces more different types of goods:
A. money becomes less useful as a standard of value. B. it is more difficult to quote prices if the economy does not use money. C. money becomes less useful as a unit of account. D. the number of relative prices decreases.
Suppose P = 60 ? 3Q is the market demand function for a local monopoly. The marginal cost is 2Q. If fixed costs are zero and the firm engages in two-part pricing, the most profits the firm will earn is:
A. $0. B. $504. C. $360. D. $144.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.