A shift in the demand curve to the right represents
A) an increase in demand.
B) a decrease in demand.
C) an increase in quantity demanded.
D) a decrease in quantity demanded.
Answer: A
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Jim is planning on attending a football game that costs $40 . He will have to take the day off from the work losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's implicit (opportunity) cost of attending the game equals
a. $80 b. $40 c. $20 d. $140
In financial markets, buyers are people who:
A. have cash promised to them at some future date. B. have cash on hand and are willing to let others use it, for a price. C. want to spend money on something of value right now, but don't have cash on hand. D. want to spend money on something of big value in the future, but don't know how to save for it.
Assume that Country A and Country B have the same resources, but that individuals in Country A have specialized whereas individuals in Country B have not. Given this information, you can determine that
A. Country A will have a lower output than Country B. B. individuals in Country A will have lower incomes than individuals in Country B. C. Country A will have a higher output than Country B. D. Country A and Country B will have identical outputs.
In Figure 21.4, a firm that produces between 600 and 800 units per period should choose a plant with a short-run average total cost function of
A. ATC2 only. B. ATC3 only. C. ATC2 or ATC3. D. ATC1 only.