Answer the following questions true (T) or false (F)
1. A college must decide if it wants to offer more Internet-based classes. This decision involves answering the economic question of "what to produce."
2. One desirable outcome of a market economy is that it leads to a more equitable distribution of income.
3. The government makes all economic decisions in a market economy.
1. TRUE
2. FALSE
3. FALSE
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The aggregate supply curve slopes
A. downward because firms can sell more at lower prices. B. downward because firms can hire more workers at lower prices. C. upward because firms want to hire more workers at higher wage levels. D. upward because firms can hire workers at fixed wages for short-run periods.
A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At this output, average total cost is $15. What is the total profit earned?
A) $225 B) $285 C) $345 D) $570 E) $19
Foreign exchange rates are
A. price at which purchases and sales of foreign goods take place. B. movement of goods and services from one country to another. C. the price of one currency in terms of a second currency. D. differences between exports and imports.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. $5.00; 10 B. $7.00; 6 C. $7.00; 7 D. $5.00; 4