The term dollar votes in a market system means:
A. Inflation will occur if consumers don't spend wisely
B. Voters may be offered dollars to help elect certain political candidates
C. Government is responsible for determining what will be considered legal tender
D. Consumers "vote" for certain products to be produced by how they spend their incomes
Answer: D
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Why do nations engage in international trade?
What will be an ideal response?
Refer to Figure 11-7. When output level is 100, what is the total cost of production?
A) $20 B) $1,000 C) $1,200 D) $2,000
Exhibit 7-2 Total revenue and total cost graph
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In Exhibit 7-2, economic profit for the firm is at a maximum when output per week equals:
A. 100 units. B. 200 units. C. 250 units. D. 300 units.
Would you expect the cross-price elasticity of demand between ham and turkey to be positive or negative? Why?
What will be an ideal response?