Hooterville has seen its population grow by 200% over the past decade (10 years). Urban sprawl has occurred as city services have been extended to formerly rural areas. Mark's Manhole Cover Company, Inc has seen sales to the City of Hooterville triple during this period. This is most likely due to
a. increased manhole cover prices
b. increased quantity supplied of manhole covers
c. altered consumer expectations
d. increased demand for manhole covers
e. increased supply for manhole covers
D
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The marginal product of capital is always ________ and it ________ as the capital stock increases
A) positive; increases B) positive; decreases C) negative; increases D) negative; decreases
If demand is price elastic, a decrease in price results in a(n)
a. decrease in total expenditure on the good b. unfavorable shift in tastes and preferences c. decrease in total cost for the seller d. increase in supply of the good e. increase in total revenue to the seller
Mateo values his camper at $4,000, and Nicole values it at $9,000 . If Nicole buys it from Mateo for $7,000, which of the following is true?
a. Mateo gains $3,000 of value, and Nicole gains $2,000 of value. b. Mateo gains $7,000 of value, and Nicole loses $7,000 of value. c. Mateo gains $7,000 of value, and Nicole gains $6,000 of value. d. Mateo and Nicole both gain $7,000 of value.
What complex set of free-trade area regulations prohibits non member country imports to a high-tariff member country via a low-tariff member country?
a. environmental certification b. rules of origin c. health and safety standards d. a codified trade agreement