A leftward shift of the supply curve will lead to a(n)
A) increase in equilibrium price.
B) excess demand at the old equilibrium price.
C) decrease in quantity demanded.
D) All of the above.
D
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Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year
His opportunity cost at graduation was ________ and eight years later was ________. A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000
A firm purchases $600,000 worth of raw materials and pays wages and salaries of $100,000 and dividends of $200,000 . If the firm sells its output for $1 million, the firm's value added to GDP is
a. $300,000. b. $400,000. c. $900,000. d. $1,000,000.
Let the demand function for a product be Q = 100 ? 2P. The inverse demand function of this demand function is:
A. P = 50 ? 0.5Q. B. P = 50 + 0.5Q. C. Q = 100 + 2P. D. None of the answers is correct.
According to economist A.W. Phillips
A. there is no trade-off between inflation and unemployment. B. higher rates of inflation are associated with higher rates of unemployment. C. unemployment can be effectively combated by raising wages. D. high inflation rates are associated with low unemployment rates.