What will increase short-run aggregate supply?
What will be an ideal response?
an advance in technology
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The above table has the demand and supply schedules for money. What is the equilibrium nominal interest rate?
A) 8 percent B) 7 percent C) 6 percent D) 5 percent E) 9 percent
There are two restaurants that serve equally good Mexican food in a small college town. One of them charges an average of $7 per plate, and usually you have to wait an hour to be seated. The other restaurant charges an average of $9 per plate, and you can usually be seated right away. How does the cost of consumption compare across these two restaurants?
a. For people with a very high opportunity cost of time compared to others, the restaurant with the higher money price makes more sense because they are willing to accept a higher money price in return for a lower time price. b. For people with a low opportunity cost of time compared to others, the restaurant with the higher money price makes more sense because they do not have to pay a high time price. c. For people with a very high opportunity cost of time compared to others, the restaurant with the lower money price makes more sense because they are relatively more willing to pay a high time price. d. The restaurant with the lower money price makes more sense to both high opportunity cost of time and low opportunity cost of time consumers.
Say a monopolist sells in two separate markets, with demand PA = 100 - 2Q and PB = 50 - Q respectively. Marginal costs in both markets are constant and equal to 8. The monopolist would charge a price of ________ in market B in order to maximize profits.
A. 8 B. 0 C. 29 D. 21
The largest category of federal spending is for:
A. health care. B. science, space, and technology. C. pensions and income security. D. national defense.