If the price of a 32GB memory card decreases from $25 to $20, the percentage change is
A) -20 percent. B) -33 percent. C) -50 percent. D) -60 percent.
A
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Three basic decisions must be made by all economies. What are they?
a. how much will be produced, when it will be produced, and how much it will cost b. what the price of each good will be, who will produce each good, and who will consume each good c. what will be produced, how goods will be produced, and for whom goods will be produced d. how the opportunity cost principle will be applied, if and how the law of comparative advantage will be utilized, and whether the production possibilities constraint will apply
Which of the following is true?
a. An increase in the interest rate will tend to increase stock prices. b. A reduction in the interest rate will tend to increase stock prices. c. An increase in the inflation rate will tend to increase stock prices. d. There is no reason to believe that changes in interest rates will influence stock prices.
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert?
A. $35 B. $1 C. $9 D. $36
When economists say the quantity supplied of a product has increased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.