Based on the equation given in this exhibit, if you read 2 books, study for 3 hours, have an instructor whose quality of instruction is ranked as 4, and your motivation to learn is ranked as 7, what is the amount of learning that you will acquire?
a. 2.65
b. 4.55
c. 16
d. 9.65
Answer: b. 4.55
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A cartel is a group of firms
A) acting separately to limit output, lower price, and decrease economic profit. B) acting together to limit output, raise price, and increase economic profit. C) legally fixing prices. D) acting together to erect barriers to entry. E) that compete primarily with each other rather than the other firms in the market.
Refer to the following graph. The price of capital (r) is $20.
What is the lowest possible cost of producing 5,000 units of output?
A. $3,000 B. $2,400 C. $1,800 D. $2,600 E. $1,400
The price level rises more rapidly as the maximum output level is approached along an aggregate supply curve because
A. profit-taking firms are exploiting their market size and power. B. of the profit incentive. C. the costs of additional units of aggregate output begin to rise more rapidly, causing firms to seek higher prices to cover these rising costs. D. None of the choices are correct.
An increase in the real value of stock prices, which is independent of a change in the price level, would affect aggregate demand due to the:
A. foreign purchases effect. B. real-balances effect. C. wealth effect. D. interest-rate effect.