Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $9. What does profit equal when quantity equals 3?
A. $13
B. $6
C. $10
D. $2
Answer: B
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In the money market, an increase in money demand will:
A) result in a rightward shift in the money demand curve increasing interest rates. B) result in a rightward shift in the money demand curve decreasing interest rates. C) result in a leftward shift in the money demand curve increasing interest rates. D) result in a leftward shift in the money demand curve decreasing interest rates.
If Y = income, G = government spending, T = autonomous taxes, and t = income tax rate, then the government budget deficit can be expressed as
A) G - T/Y(t). B) G - T. C) Y + G - T - ty. D) G - T - ty.
If the quantity of hamburgers is measured along the horizontal axis and the quantity of movies is measured along the vertical axis, an increase in the price of a movie would be shown by
A. making the budget constraint steeper. B. rotating the budget constraint around the horizontal intercept such that the new vertical intercept is closer to the origin. C. shifting the budget constraint in towards the origin. D. shifting the budget constraint out.
Answer the following questions true (T) or false (F)
1. If additional units of a good are produced at an increasing opportunity cost, the production possibilities frontier would be bowed outward (concave). 2. On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. 3. If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters.