If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are:
A. complements.
B. inferior goods.
C. substitutes.
D. normal goods.
Answer: A
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Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food
What is Heidi's profit as measured by an accountant for the year? A) $80,000 B) $50,000 C) $30,000 D) -$10,000
For a monopsony, the labor supply curve
A) lies above the MCL curve. B) is the same as the MCL curve. C) lies below the MCL curve. D) is the same as the labor demand curve.
Which of the following would result in a movement along the production possibilities curve?
A) a fall in the unemployment rate B) growth in the capital stock C) population growth D) a change in the outputs of two goods that a society chooses to produce
Vouchers allow students to
A. get free lunches at public schools. B. go to public schools at reduced rates. C. receive discounts on school supplies like pens and paper. D. all of these. E. none of these answer options are correct.