A college student is thinking about running an ice-cream truck over the summer. What would economists say is the student's main objective?
A. To maximize hourly earnings
B. To maximize his profit
C. To spend as little on inputs as possible
D. To sell as many ice cream cones as possible
Answer: B
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Assume an economy produces only hamburgers and hotdogs and the base year is 2005. Quantity producedPrices 2005200620052006Hamburgers2,0003,0002$3Hotdogs3,0004,0001$1.50Given the data in the table above, what is the value of nominal GDP in 2006?
A. $15,000 B. $10,500 C. $ 5,000 D. $ 7,000
What is the core inflation rate and how does it differ from the overall CPI inflation rate?
What will be an ideal response?
If people took external costs like pollution into consideration, they would on net:
A. consume a socially non-optimal amount of the goods causing the externalities. B. not change their behavior to consume more or less of the goods causing externalities. C. consume more of the goods causing these externalities. D. consume less of the goods causing these externalities.
The principle of marginal productivity
a. is the same as the principle of marginal cost. b. helps explain the demand for each input. c. differs from industry to industry. d. allows the world's food to be grown in a flower pot.