One of the following individuals tend to benefit from inflation.
A. Retirees
B. Government employees
C. Seasoned workers
D. Homeowners
Answer: D
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A firm’s production process shows constant returns to scale. It can produce 5,000 widgets at a total cost of $2,500 and 10,000 widgets at an average cost of
A. $10,000. B. $5,000. C. $2,000. D. $0.50.
A good which has social costs that exceed private costs has a price
A) equal to marginal social cost. B) that is too low. C) that is too high. D) that is inefficient because price exceeds marginal social cost.
Which of the following is true of government activities under a system of representative democracy?
a. If a majority favors an activity, it must be productive. b. If a majority opposes an activity, it must be counterproductive. c. When voters pay in proportion to benefits received, productive activities undertaken by the government will be favored by an overwhelming majority of voters. d. When voters pay in proportion to benefits received, productive activities will generally be defeated under a majority rule vote.
Land in the South can often be used to grow either tobacco or cotton. Suppose the price of tobacco increases. Explain how the market for cotton will be affected
What will be an ideal response?