The value of depreciation of the economy's capital stock, you find the inflation 10 %, nominal 14, economic 8 %. What is real?
A. 14
B. 6
C. 24
D. 4
E. 2
D. 4
(14 - 10 = 4)
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An example of an explicit cost of production would be the
a. cost of forgone labor earnings for an entrepreneur. b. lost opportunity to invest in capital markets when the money is invested in one's business. c. lease payments for the land on which a firm's factory stands. d. Both a and c are correct.
The figure below shows the supply and demand curves for jeans in Smallville.
Suppose jeans initially sell for $60 per pair. If the price of jeans falls to $40 per pair, then total economic surplus will increase by ________ per day.
A. $40 B. $20 C. $80 D. $160
According to the textbook, if students are graded on a curve so that each student's grade depends upon their performance relative to other students, the resulting positional arms race are partially offset by social norms that:
A. encourage people to save money for college. B. encourage everyone to study hard. C. award only the very top performers. D. discourage studying by labeling hard-working students as "nerds".
Supply shift to the left=
What will be an ideal response?