Suppose that in October the price of a cup of cafe latte was 2.50 and 400 lattes were consumed. In November the price of a latte was 2.00 and 600 lattes were consumed. What might have caused this change?
A) The price of coffee beans (an input of production of cafe lattes) fell.
B) The price of coffee beans (an input of production of cafe lattes) rose.
C) The price of tea (a substitute for cafe lattes) rose.
D) The price of tea (a substitute for cafe lattes) fell.
Question 2
At full employment, actual ________ equals ________.
A) real GDP; potential GDP
B) real GDP; nominal GDP
C) unemployment; zero
D) potential GDP; nominal GDP
E) nominal GDP; potential GDP
W. A. Rogers’s engraving, “Out of the Game,” showed one injured boy tending to another. It appeared
Price of Computers, 1982–2010
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
October 24, 2023
October 1 2024