Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "who consumes the products produced?"
B. "what products will be produced?"
C. "where will the products be consumed?"
D. "how will the products be produced?"
Answer: A
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Lauren runs a chili restaurant in San Francisco. Her total revenue last year equaled $111,000. The rent on her restaurant totaled $48,000. Her labor costs totaled $43,000. Her materials, food and other variable costs totaled $19,000
To Lauren's accountant, Lauren A) incurred a loss of $1,000. B) earned a profit of $1,000. C) incurred a loss of $111,000. D) earned a profit of $111,000. E) had a total cost equal to $91,000.
Moving up (to the left) along a linear demand curve, the price elasticity of demand
A) decreases. B) does not change. C) increases. D) at first increases and then decreases.
The ease with which an asset can be converted into the medium of exchange is called
a. liquidity. b. velocity. c. the equation of exchange. d. the money multiplier.
The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is:
A. 300 units of autos. B. 200 units of autos. C. 650 units of autos. D. 350 units of autos.