By the property of "more is better," the consumer views the products under consideration as:
A. bads.
B. goods.
C. normal.
D. inferior goods.
Answer: B
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After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000
Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics? A) the $45,000 you are paid for working at the Bureau of Labor Statistics B) the $42,000 you would have been paid working for Ernst and Young C) the $38,000 you would have been paid working for Wal-Mart D) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-Mart
Refer to the above figure. Total cost for this firm equals
A) P2. B) P3. C) 0P2bQ1. D) 0P3cQ1.
Refer to the graph below. The movement from __________ to __________ is consistent with a successful advertising campaign that claims wool keeps you warm.
a. Point A; Point B
b. Point A; Point F
c. Point A; Point D
d. Point A; Point H
In international trade jargon, an economy is said to be a large country if
A. it is a price-taker in the world market. B. a decline in its imports does not affect its terms of trade. C. a majority of its production is consumed domestically. D. a decline in its exports raises the world price of those goods.