The number of Compact Discs purchased by a consumer depends on the price of the discs as well as the prices of all other goods purchased
a. True
b. False
Indicate whether the statement is true or false
True
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Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City
This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower B) higher; lower C) lower; higher D) higher; higher
Explain why international trade is less important to the United States than it is to many other countries
What will be an ideal response?
Which of the following is NOT correct concerning perfectly competitive firms in the long run?
A) Long-run economic profits are zero. B) Price equals minimum long-run average cost. C) Entrepreneurs earn the opportunity cost of their investment. D) The opportunity cost of capital is zero.
What to do about inflationary and employment problems in the economy? Conservative economists advocate
a. strong fiscal policy, particularly taxing luxuries b. strong monetary policy, particularly taxing luxuries c. no interference in the private sector d. that to pursue aggressive and consistent policy, the Federal Reserve System should become a department with the executive branch of government e. relying on trends in real business cycles to implement expansionary fiscal policy