Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering: Pizzas Made Per HourPizzas Delivered Per HourCorey126Pat1015
A. 3/2 of a pizza.
B. 2 pizzas.
C. 2/3 of a pizza.
D. 1/2 of a pizza.
Answer: D
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A recent issue of the Wall Street Journal headlined a story, “Bond Prices End Lower.” From this we can conclude that
A. interest rates fell. B. interest rates rose. C. interest rates did not change. D. stock prices fell.
In the presence of positive externalities, a free market will choose a price which is too ____ and produce an output which is too ____ compared with the social optimum
a. high; low b. low; low c. high; high d. low; high e. marginal; inequitable
If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:
a. Greece should specialize in producing cheese. b. Italy should specialize in producing cheese. c. both Greece and Italy should produce cheese. d. Greece gives up fewer goods to produce cheese than Italy does. e. Italy has a better economy than Greece.
The equilibrium point is at the intersection of the two curves because ______.
a. market demand equals market supply
b. market demand exceeds market supply
c. market demand is less than market supply
d. market demand is unrelated to market supply