If all prices, including the price of beef, increase by 3 percent, then the relative price of beef has ________ and inflation ________.
A. remained constant; has not occurred
B. increased; has occurred
C. remained constant; has occurred
D. increased; has not occurred
Answer: C
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There is no way that externalities can be corrected
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes was the author of
A. The Communist Manifesto. B. The Wealth of Nations. C. The General Theory of Employment, Interest, and Money. D. Eat the Rich: A Treatise on Economics.
The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the marginal product from employing the fourth worker?
A) 7 pounds of peanuts B) 100 pounds of peanuts C) 400 pounds of peanuts D) 2,800 pounds of peanuts
Fred's demand schedule for movie DVDs is as follows: At $60, he would buy 1; at $50, he would buy two; at $30, he would buy 3; and at $20, he would buy 4 . If the price of movie DVDs equals $40, the consumer surplus Fred receives from purchasing movie DVDs would be: a. $20
b. $30. c. $40. d. $110.