When the economy goes through ups and downs over time:
A. it affects the supply of labor.
B. economists call this pattern the business cycle.
C. it is not reflected by changes in GDP growth.
D. All of these are true.
Answer: B
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If the price of chocolate chip cookies rises, then
A) the demand curve for chocolate chip cookies shifts rightward. B) the demand curve for chocolate chip cookies shifts leftward. C) there is a movement downward along the demand curve for chocolate chip cookies. D) there is a movement upward along the demand curve for chocolate chip cookies.
If a non-renewable resource is scarce, has constant marginal cost of production and is sold in a competitive market,
A) its price will increase over time. B) its price will exceed marginal cost. C) its price will increase by the rate of interest. D) All of the above.
If consumption in the United States was 68 percent of GDP, investment was 19 percent, government purchases were 13 percent, exports were 14 percent, and imports were 14 percent, net exports were equal to ____ percent of GDP
a. -1 b. 0 c. -28 d. 28
Ashley eats two bananas during a particular day. The marginal benefit she enjoys from eating the second banana
a. can be thought of as the total benefit Ashley enjoys by eating two bananas minus the total benefit she would have enjoyed by eating just the first banana. b. determines Ashley's marginal cost of the first and second bananas. c. does not depend on how many bananas Ashley has already eaten. d. cannot be determined unless we know how much she paid for the bananas.