Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?
A. $250,000
B. $25,000
C. $2,500,000
D. $2,500
Answer: A
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Teenage employment in the United States has risen in the past two decades.
Answer the following statement true (T) or false (F)
The difference between nominal and real interest rates is that
A) nominal interest rates are measured in terms of a country's output, while real interest rates are measured in monetary terms. B) nominal interest rates are measured in monetary terms, while real interest rates are measured in terms of a country's output. C) nominal interest rates can fluctuate, while real interest rates always remain fixed. D) real interest rates can fluctuate, while nominal interest rates always remain fixed. E) real interest rates are the same in every country, while nominal interest rates are different for every country.
The Bay Area in California is home to the Oakland Athletics and the San Francisco Giants. New York City is home to the Mets and Yankees. Most other cities only have one baseball team, if any at all. What is the best explanation for this phenomenon?
a. Most baseball fans, who are the demanders for baseball games, tend to live in New York and San Francisco b. Baseball team owners live in large cities, such as New York and San Francisco. c. In most baseball cities—excluding New York, San Francisco, etc.—baseball teams are natural monopolies. d. Only these four teams face downward-sloping demand curves. e. Only these four teams have declining average total costs.
All markets involve the following elements, except:
A. Demand or buyers B. Face-to-face negotiation C. Prices of goods and services D. Supply or sellers