Suppose you are thinking about spending an additional hour studying for your next microeconomics exam. You should spend that extra hour studying as long as
A. the extra study time leads to a higher grade on the exam.
B. your only other alternative is spending an hour reading a novel.
C. the benefit of an additional hour of study is greater than what you have to give up in order to study one more hour.
D. you enjoy studying microeconomics.
C. the benefit of an additional hour of study is greater than what you have to give up in order to study one more hour.
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If a change in the tax laws leads to a $100 billion decrease in tax revenue, then aggregate demand
A) increases by $100 billion. B) increases by less than $100 billion. C) increases by more than $100 billion. D) decreases by $100 billion. E) decreases by more than $100 billion.
An expenditure schedule shows the relationship between GDP and total output.
Answer the following statement true (T) or false (F)
Acres of LandTanks of FertilizerTruckloads of Potatoes2002820170202105203135204152205141
Refer to Table 2.4. Increasing the tanks of fertilizer from 4 to 5 will:
A. increase truckloads of potatoes. B. decrease truckloads of potatoes. C. have no effect on truckloads of potatoes. D. require more acres of land.
You could conclude that
A. new firms will enter the industry.
B. existing firms will leave the industry.
C. existing firms will continue to make a profit, even in the long run.
D. new firms will leave the industry.