Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?
A. A decrease in the demand for strawberries.
B. An increase in the demand for strawberries.
C. A decrease in the supply of strawberries.
D. An increase in the supply of strawberries.
Answer: B
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In terms of economic organization, the main difference between high schools and colleges is _____
a. that most colleges are monopolies while high schools are highly competitive b. that most colleges are for-profit institutions while high schools are public nonprofits c. that more market mechanisms are used at the college level d. there are no differences in economic organization between the two
Goods and services produced by the government are sold at prices that are set to recover production costs
a. True b. False
If in September 2014, €1 = $1.2962, a good costing €45 would have a Dollar price of:
(a) $59.52. (b) $58.33. (c) $34.72. (d) $35.72.
A resource is something that _____
a. is used to produce goods and services. b. is provided by nature, and not produced by society. c. exists in unlimited quantities in developed countries. d. must be produced by a firm. e. is always available free of cost.