The slopes of the production possibilities curves for two nations reflect the:
A. Relative prices of the resources in the two nations
B. Amounts of imports and exports of the two nations
C. Average income levels in the two nations
D. Opportunity costs of production in the two nations
D. Opportunity costs of production in the two nations
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The lemons problem is that when there are hidden characteristics known only to the seller of a used car,
a. the ratio of lemons to high-quality cars is likely to be high b. the ratio of lemons to high-quality cars is likely to be low c. good used cars will sell for more than their market value d. no lemons will be offered on the market e. the price of lemons will be below their market value
Economists call a severe prolonged economic recession a:
a. slump. b. depression. c. stagnation. d. stagflation. e. trend.
Suppose a monopoly pharmaceutical company produces a drug and sells 100 prescriptions for $25 each. In order to sell 101 prescriptions, the monopolist must lower the price to $24 per prescription. The marginal revenue of the 101st prescription is
A. -$76 B. $24 C. $25 D. $2,424
Changes in the ________ market affect the shape of the short run aggregate supply curve.
A. money B. goods C. financial D. labor