An increase in the price of blueberries would lead to a(n)
a. increased supply of blueberries.
b. a movement up and to the right along the supply curve for blueberries.
c. a movement down and to the left along the supply curve for blueberries.
d. Both a and b are correct.
b
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The concept of government as redistributor is
A. approved by many but questioned by many as well. B. generally rejected as against “the American way.” C. largely approved by a vast majority of Americans. D. unnecessary in the United States because income disparities are small. E. a conservative idea that many liberals reject.
A goldsmith has 100 gold coins in his safe and 100 receipts circulating. How much are his outstanding loans?
What will be an ideal response?
Ellie has been working for an engineering firm and earning an annual salary of $80,000 . She decides to open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of
deposit on which she was earning annual interest of $500 . Ellie's annual implicit costs will equal a. $55,200. b. $75,200. c. $80,500. d. $165,700.
Suppose you drive a car that gets good gas mileage, and you notice that more and more people are driving gas-guzzling cars. Their increased demand for gas:
A. is likely to cause the price you pay for gas to increase. B. does not change the price you pay, but it reduces the quantity of gas supplied. C. is likely to cause the price you pay for gas to decrease. D. does not affect you.