Refer to the above figure. A surplus will exist when
A) the price is between $0 and $6.
B) the price equals $6.
C) the price equals $10.
D) quantity demanded equals 15.
C
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The concept of opportunity cost is more applicable to society as a whole than it is for an individual household.
Answer the following statement true (T) or false (F)
The Smoot-Hawley Tariff Act of 1930 has generally been associated with
A) falling tariffs. B) free trade. C) intensifying the worldwide depression. D) recovery from the worldwide depression. E) non-tariff barriers.
Keynesians believe that an increase in the money supply may lead to
a. a decrease in investment b. an increase in the interest rate c. an increase in the price level d. a decrease in nominal GDP e. an increase in real GDP
Rolando realizes that whenever he studies for at least two hours immediately before a physics exam, he gets an A on the exam, but when he does not study immediately before an exam, he gets no higher than a C on the exam. He concludes that the time spent studying immediately before the exams is responsible for his improved grades. Rolando is
A. probably misguided in that there is no apparent correlation or causation in this situation. B. very probably correct in his conclusion that the time spent studying immediately before his exams is a reason for his improved grades. C. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the improved exam grades forced him to study immediately before each test. D. definitely confusing correlation with causation.