Which of the following makes long-term low-interest loans to LDCs?
a. International Monetary Fund (IMF)
b. Agency for International Development (AID)
c. World Bank
d. New International Economic Order (NIEO)
c
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Refer to Figure 9-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise. B) The quantity of labor demanded by firms will fall. C) The unemployment rate will fall. D) Both A and C will occur.
The demand curve for corn is downward sloping. If the price of corn, an inferior good, falls, then
A) the income effect which causes you to increase your corn purchases is larger than the substitution effect which causes you to reduce your corn purchases, resulting in a net increase in quantity demanded. B) the income effect which causes you to reduce your corn purchases is smaller than the substitution effect which causes you to increase your corn purchases, resulting in a net increase in quantity demanded. C) the income and substitution effects offset each other but the price effect of an inferior good leads you to buy less corn. D) both the income and substitution effects reinforce each other to increase the quantity demanded.
Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito. What is the slope of this demand function, and what information does the slope provide?
What will be an ideal response?
Refer to Scenario 9.6 below to answer the question(s) that follow. SCENARIO 9.6: Celeste borrowed $40,000 from her brother to open a car wash. She pays her brother a 5% yearly return on the money he lent her. Her other yearly fixed costs equal $18,000. Her variable costs equal $40,000. In her first year, Amy sold 40,000 car washes at a price of $2.50 per car wash.Refer to Scenario 9.6. Celeste's profit is
A. $0. B. $20,000. C. $30,000. D. $40,000.