Which of the following is most likely to have declining opportunity costs?
A) a delivery van
B) an apartment building in Manhattan
C) an acre of land in San Francisco
D) a park in downtown London
A
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When the price of a movie ticket increases from $5 to $7, the quantity of tickets demanded decreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?
A) 0.83 B) 1.20 C) 1.00 D) 2.32
Explain what the phrase "price rationing" means
What will be an ideal response?
A bowed Production Possibilities Curve (PPC) indicates
A) inefficient production. B) that the trade-off between the 2 goods is not constant. C) changing technology. D) only 1 good is always being produced.
Restrictive monetary policy will:
A. Decrease the lending capacity for banks. B. Reduce interest rates. C. Cause a rightward shift of aggregate demand. D. Raise the equilibrium price level.