John owns a number of hot dog stands in New York City. He hires workers to sell hot dogs at his stands. Which of the following events will lead to a decrease in John's demand for hot dog vendors?
a. Hollywood glamorization of a new movie about a hot dog vendor leads hundreds of high-school students in New York City to apply for a job at John's.
b. The price of hot dogs falls.
c. The local hot dog vendors form a union increasing hot dog vendor wages.
d. The demand curve for hot dogs shifts to the right.
b
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What will be an ideal response?
In the self-correcting AD-AS model, the economy's short-run equilibrium position is indicated by the intersection of which two curves? a. Short-run aggregate supply and long-run aggregate supply
b. Short-run aggregate supply and aggregate demand. c. Long-run aggregate supply and aggregate demand. d. Long-run aggregate demand and short-run personal consumption expenditures curve. e. Short-run aggregate demand and long-run personal consumption expenditures curve.
As long as a public sector activity will generate benefits regardless of the costs, the activity should definitely be undertaken.
Answer the following statement true (T) or false (F)
If a firm can earn a profit stream of $50,000 per year for 10 years, that profit stream is worth
A) more than $500,000 today. B) $500,000 today. C) less than $500,000 today, but a positive amount. D) nothing today E) some amount, but whether it is more, less or the same as $500,000 cannot be determined.