If an economist observed that higher hot dog prices lead to an increase in the demand for chili, she most likely would conclude that:
A. chili and hot dogs are both normal goods.
B. chili and hot dogs are both inferior goods.
C. chili and hot dogs are substitutes.
D. chili and hot dogs are complements.
Answer: C
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To eliminate the inefficiency resulting from pollution that creates an external cost, the government can impose a pollution tax on producers that is equal to the
A) MSB. B) MC. C) marginal external cost. D) MSC. E) price.
What is productivity?
What will be an ideal response?
Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below
Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 0 -- -- -- 50 400 100 900 150 1300 200 1600 250 1800 300 1900 350 1950
Goods and services purchased from international sources are
A. Net imports. B. Net exports. C. Exports. D. Imports.