Jose has one evening in which to prepare for two exams and can employ one of two possible strategies: The opportunity cost of receiving a 92 on the statistics exam is __________ points on the economics exam.
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A price floor that is set below the equilibrium price
A) causes suppliers to lower their prices. B) is binding. C) is non-binding. D) creates a shortage.
If both the price level and nominal incomes change by the same percentage: a. real GDP will remain constant
b. the aggregate supply curve will be upward-sloping. c. profit margins will change in real terms. d. the long-run aggregate supply curve will be horizontal. e. both a and d.
Which of the following events would cause a movement downward and to the left along the supply curve for mangos?
a. The number of sellers of mangos decreases. b. There is an advance in technology that reduces the cost of producing mangos. c. The price of mangos falls. d. The price of fertilizer increases, and fertilizer is an input in the production of mangos.
As a result of "money illusion," people:
A. tend to be more upset by a decrease in their real wage than by a decrease in their nominal wage. B. tend to be more upset by an increase in their nominal wage than by a decrease in their real wage. C. tend to be more upset by a decrease in their nominal wage than by a decrease in their real wage. D. tend to be more pleased with an increase in their real wage than by an incre