Which is not a trade-off for students who spend a semester abroad?
(A) Eating all of their favorite foods.
(B) Experiencing the culture of another country.
(C) Missing family activities at home.
(D) Seeing friends from home daily.
Ans: (B) Experiencing the culture of another country.
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Which of the following happens when an economy's labor demand curve shifts to the left without any change in its labor supply curve assuming all else equal?
A) The equilibrium wage rate rises. B) The output of the economy rises. C) The aggregate price level falls. D) The unemployment rate rises.
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.