Supply describes how much of something producers:
A. want to offer for sale under certain circumstances, although they may not be willing to.
B. are willing and able to offer for sale at varies prices under given circumstances.
C. want to sell under certain circumstances, although they may not be able to.
D. are willing and able to buy under certain circumstances.
Answer: B
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When the nation of Mooseland first permitted trade with other nations, domestic producers of sugar experienced a decrease in producer surplus of $5 million and total surplus in Mooseland's sugar market increased by $2 million. We can conclude that
a. Mooseland became an exporter of sugar. b. the overall economic well-being of participants in the sugar market in Mooseland fell because of trade. c. consumer surplus in Mooseland increased by $7 million. d. the opening of trade caused the domestic demand curve for sugar in Mooseland to shift to the right.
A machine with a cost of $200,000 and accumulated depreciation of $100,000 is sold for $80,000 cash. The amount reported as a source of cash under cash flows from investing activities is
A. $20,000 B. $80,000 C. $100,000 D. zero; this is a financing activity E. zero; this is a operating activity
Which of the following is a result of unemployment that is very low?
a. the few people who are unemployed stop looking for jobs b. wages drop below the level of minimum wage c. companies have difficulties recruiting workers d. companies stop looking for people to fill unfilled jobs
When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. greater than 10. B. equal to 20. C. greater than 20. D. less than 20.