Given the following data, what is the distance from the origin to the point where the total expenditures (TE) curve cuts the vertical axis?

In his concept of “the invisible hand,” Adam Smith explains that

A. if each person looks out for himself or herself, then chaos will inevitably ensue. B. the pursuit of self-interest promotes economic well-being for society as a whole. C. governmental rule actually results in greater good than is apparent at the time. D. traditional religion is an appropriate guide for human behavior. E. All of the responses are correct.

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then

A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.

If an ice-cream manufacturer acquires a frozen yogurt producer, you would likely see

a. Lower prices for both the ice cream and the frozen yogurt b. Higher prices for both the ice cream and the frozen yogurt c. Higher prices for ice cream, but lower prices for frozen yogurt d. Higher prices for frozen yogurt but lower prices for ice cream

Which of the following types of unemployment is the hardest to reduce?

a. Cyclical unemployment b. Structural unemployment c. Voluntary unemployment d. Frictional unemployment e. Seasonal unemployment