Economics deals with choices
A) that involve the wants of individuals.
B) that involve what people only need to survive.
C) that people make without self-motivated interest.
D) that people normally do not make.
Answer: A
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Let C = 550 + 0.8y and I = 75. Assume no government or foreign sectors. If investment increases by 100, the equilibrium output increases by a total of
A) 60. B) 175. C) 500. D) 800.
Neutral technical progress allows a firm to
A) produce more output with the same inputs. B) use less capital to produce more output. C) use less labor to produce more output. D) produce the same amount of output with the same inputs.
Crude oil is sold in a local market.
Answer the following statement true (T) or false (F)
Assume the price of good Y with its quantity measured on the vertical axis is $100 and the price of good X with its quantity measured on the horizontal axis is $10. If the consumer's budget is $500, then the absolute value of the slope of the budget line is:
A. 500. B. 1/10. C. 10. D. 100.