Which of the following would cause an upward movement along the supply curve of hamburgers?
a. A fall in the price of substitutes like pizzas
b. A fall in market demand for hamburgers
c. An increase in the price of beef
d. An increase in the market price of hamburgers
d
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The opportunity cost of using one’s own savings in operating a business can be determined by using
a. wage rates. b. interest rates. c. exchange rates. d. rental rates.
Suppose a small closed economy has GDP of $5 billion, consumption of $3 billion, and government expenditures of $1 billion. Then investment and national saving are both $1 billion
a. True b. False Indicate whether the statement is true or false
As the number of firms in the oligopoly grows very large, the
a. output effect disappears. b. price effect disappears. c. output effect equals the price effect. d. price of the product greatly exceeds marginal cost.
The cyclical unemployment rate is 0 when the overall unemployment rate is
A. 15. B. 10. C. 5. D. 3. E. 0.