Which of the following is the LEAST scarce?
A. medicine
B. college education
C. air
D. gold deposits
Answer: C
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Demand in the apricot market can be expressed as P=100-Q. Further, the supply function in the apricot industry is P=10+Q. If a social planner specifies that 30 units be produced, is that level of production efficient? Can you propose a more efficient level of production? Explain why your proposed level is better than that of the social planner.
What will be an ideal response?
Other things being equal, a decrease in an economy's exports will
A. decrease domestic aggregate expenditures and the equilibrium level of GDP. B. increase domestic aggregate expenditures and the equilibrium level of GDP. C. increase the amount of imports consumed by the private sector. D. have no effect on domestic GDP because imports will offset the change in exports.
Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?
A) The supply of broccoli decreases. B) The supply of broccoli increases. C) There will be no change in the supply of broccoli, but instead there is an increase in the quantity supplied of broccoli. D) There will be no change in the supply of broccoli, but instead there is a decrease in the quantity supplied of broccoli.
What are the outcomes of the following games, assuming the max-min criteria is used?
What will be an ideal response?