There has been a decrease in investment. As a result, real GDP will ________ in the short run, and ________ in the long run
A) increase; increase further
B) increase; decrease to its initial value
C) decrease; decrease further
D) decrease; increase to its initial level
Answer: D
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After graduating from high school, Adam is thinking about going to college. The college tuition is $15,000 a year. Instead of going to college, Adam could take a full-time job that pays $25,000. What is Adam's opportunity cost of attending college for one year?
A. $40,000 B. $15,000 C. $25,000 D. $10,000
Intellectual property refers to the ________ creations of ________ intelligence.
A) intangible; technical B) tangible; technical C) intangible; human D) tangible; human
Experiencing the winner's curse in a common-value auction means
a. You lost money in the auction b. You bid too low c. Your estimate of the value of the good being auctioned was too optimistic d. Your estimate of the value of the good being auctioned was too pessimistic
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning negative economic profit. C. the firm is earning zero economic profit. D. price falls to marginal cost.