The "law of demand" indicates that if the University of Maine increases tuition, all other things remaining the same,
A) the demand for classes will decrease at the University of Maine.
B) the demand for classes will increase at the University of Maine.
C) the quantity of classes demanded will increase at the University of Maine.
D) the quantity of classes demanded will decrease at the University of Maine.
E) both the demand for and the quantity of classes demanded will decrease at the University of Maine.
D
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If the price of an ounce of gold is 200 ZARs in South Africa and $75 in Canada, what will be the South African Rand (ZAR) per Canadian dollar (C$) exchange rate?
a. C$1 = 4.25 ZAR b. C$1 = 1.75 ZAR c. C$1 = 2 ZAR d. C$1 = 2.67 ZAR e. C$1 = 4 ZAR
A change in the cost of production will generally prompt a change in _____.
Fill in the blank(s) with the appropriate word(s).
The free-rider problem is intrinsic to public goods.
Answer the following statement true (T) or false (F)
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
a. B = 10W b. B = .1W c. B = W d. ?10 = B + W