Related to the Economics in Practice on page 83: When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except
A. the amount of time spent acquiring the ticket.
B. the earning power of the person acquiring the ticket.
C. the purchase price of the ticket.
D. the utility provided by seeing the play.
Answer: D
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The recent growth records of Japan and Hong Kong during the last fifty years indicate that a nation can grow rapidly without which of the following?
What will be an ideal response?
The unemployment rate for younger workers is usually ________ the unemployment rate for older workers.
A. more predictable than B. higher than C. lower than D. approximately equal to
If workers begin to expect more inflation in the future, then we would expect that the:
A. short-run aggregate supply curve will shift up (to the left). B. aggregate demand curve will shift left. C. short-run aggregate supply curve will shift down (to the right). D. short-run aggregate supply curve will not shift.
In a market system, what must take place for quantity demanded to continually be equated with quantity supplied?
A) Price controls must be applied by governments. B) Relative prices must be able to adjust to market clearing levels. C) Tastes and preferences of consumers must adjust to eliminate surpluses or shortages. D) Businesses must engage in involuntary, unprofitable exchanges to eliminate surpluses or shortages.