An example of third parties in the market of trucks is
A. a pedestrian that is affected by the polluted air from trucks.
B. a buyer of a truck.
C. a seller of a truck.
D. None of these belongs to third parties.
Answer: A
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Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of raising another 100 cows?
A) 5.0 tons of potatoes B) 3.0 tons of potatoes C) 1.25 tons of potatoes D) 100 cows E) 1.0 ton of potatoes
The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $6 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
If Ebenezer Scrooge spends rather than saves his vast wealth, he will
A) promote economic growth because he is increasing the amount of funds available for investment. B) slow economic growth because he is reducing the amount of funds available for investment. C) slow economic growth because he is increasing the amount of funds available for investment. D) promote economic growth because he is decreasing the amount of funds available for investment.
If the Phillips curve represents a "________ relationship," then the trade-off between unemployment and inflation is permanent
A) cyclical B) structural C) frictional D) dynamic