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The Coffee Nook, a small cafe near campus, sells cappuccinos for $2.50 and Russian tea cakes for $1.00 each. What is the opportunity cost of buying a cappuccino?
A) 2 1/2 Russian tea cakesB) 2/5 of a Russian tea cakeC) $2.50D) $1.00
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental economic question are they addressing by making this range of products?
A) How to produce goods that consumers want?B) Why produce a variety of automobiles?C) What to produce?D) Who to produce automobiles for?
How are the fundamental economic questions answered in a market economy?
A) The government alone decides the answers.B) Individuals, firms, and the government interact in markets to decide the answers to thesequestions.C) Households and firms interact in markets to decide the answers to these questions.D) Large corporations alone decide the answers.
What is depreciation of a currency? Appreciation of a currency? What interest rate is the Fed trying to control (target) with open market transactions? How are long term interest rates determined? What is the long run effect of monetary policy? Why d..
In the debate on fixed versus floating exchange rates, the strongest argument for a floating rate is that it frees macroeconomic policy from taking care of the exchange rate.
You have learned that a subsidy is preferable to a tariff if the objective is to generate a given amount of employment in an individual industry. Explain this point in language understandable to someone untrained in economics.If you were an import..
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
As the economy slipped into recession in 1980 and 1981, the Fed was under enormous pressure to adopt an expansionary monetary policy. Suppose it had begun an expansionary policy early in 1981. What does the text's analysis of the inflation-unemplo..
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
1 describe at least thee types of tangible and intagible resources and capabilities 2 which is more difficult: imitating a firm's tangible resources or its intangible resourrces 3 if a firm is successful domestically,is ti likely to be successful int..
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
Explain why the need to have both a high aggregate demand and a high profit rate for firms to be profitable are two requirements that may stand in contradiction to each other, which in turn may lead to problems in the accumulation of capital and ev..
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