Jennifer Borts moves her office from the premises she rents at a local mall to her home. As a result of this move
A) Jennifer's opportunity costs fall.
B) Jennifer's explicit costs fall and her implicit costs rise.
C) Jennifer's implicit costs fall.
D) Jennifer's total costs fall.
B
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Per capita GDP tells us ________.
a. the average income (or output) of a country per person b. the amount of GDP adjusted for inflation c. the amount of GDP at the natural rate of unemployment d. the amount of GDP for a specific state
While waiting in line to buy two tacos at 80 cents each and a medium drink for 90 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $3. Jordan should purchase the value meal ifÂ
A. his marginal cost exceeds his marginal benefit. B. his marginal benefit of the third taco is greater than 50 cents. C. his value of the third taco is less than 50 cents. D. he has $3 in his wallet.
The Phillips curve is an extension of the model of aggregate supply and aggregate demand because, in the short run, an increase in aggregate demand increases prices and decreases unemployment.
Answer the following statement true (T) or false (F)
The figure below shows an IS-LM-FE model for an economy with fixed exchange rates. Initially the economy is at Point A, a triple intersection. Here, the FE curve is steeper than the LM curve.
At Point B, the economy is experiencing
A. an overall balance of payments that is in equilibrium. B. a surplus in the overall balance of payments. C. an expanding money supply. D. a deficit in the overall balance of payments.