If this is a closed economy, how many bikes will be produced?
A. 80,000
B. 50,000
C. 100,000
D. 20,000
Answer: B
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This graph depicts the demand for a normal good.
A shift from A to B in the graph shown for a normal good might be caused by:
A. an increase in price.
B. a decrease in price.
C. an increase in income.
D. a decrease in income.
If labor is the only variable input, an additional worker increases output from 72 to 78 units, and the product price is $6, the marginal revenue product from an additional worker: a. is $6
b. is $36. c. is $78. d. is $432.
As the interest rate rises, the cost of a given investment project __________ and businesses invest __________
A) rises; more B) rises; less C) falls; more D) falls; less
There would be no excess burden from a tax if demand were
A. perfectly inelastic. B. perfectly elastic. C. unitarily elastic. D. upward sloping.