Carmelita can perform either a combination of 35 manicures and 70 pedicures or a combination of 50 manicures and 45 pedicures. If she now performs 35 manicures and 70 pedicures, what is the opportunity cost of performing an additional 15 manicures?
A) 5 pedicures
B) 20 pedicures
C) 25 pedicures
D) 45 pedicures
Answer: C
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In the monetary small open-economy model, a flexible exchange rate insulates the domestic price level from
A) both real and nominal shocks from abroad. B) real shocks from abroad, but not from nominal shocks from abroad. C) nominal shocks from abroad, but not from real shocks from abroad. D) neither real nor nominal shocks from abroad.
If the Fed increases the money supply, the interest rate
a. rises and spending increases b. rises and spending decreases c. falls and spending increases d. falls and spending decreases e. falls, business spending increases, and consumer spending decreases
Which of the following is a characteristic of a competitive market?
a. There are many buyers but few sellers. b. Many firms have market power because they own patents. c. Buyers and sellers are price takers. d. Firms sell differentiated products.
The longest business-cycle expansion in U.S. history occurred during the ten years from:
A. 1991 until 2001. B. 1919 until 1929. C. 1959 until 1969. D. 1938 until 1948.