Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50If the corn was grown and the jar of popcorn produced in the year 2015, but the jar was sold at Friendly Groceries in the year 2016, what is the contribution of these transactions to GDP in the year 2016?
A. $0.50
B. $4.00
C. $1.50
D. $0.00
Answer: C
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A. A downward shift of the supply curve. B. A higher price of the good. C. Fewer units actually purchased. D. Lower income.
Why don't consumers work in the two-period model?
A) It's a convenient simplification. B) It would make no difference to the model if consumers could work. C) People who participate in real-world credit markets do not work. D) We don't know how to include workers in the model.
An increase in congestion costs associated with a public good provided through clubs will _____
a. lead to new clubs being formed b. lead to a reduction in the optimal size of the club c. be unrelated to congestion costs d. lead to fewer clubs being formed
Most research suggests that the elasticity of the labor supply with respect to taxes is:
A. very low for most people. B. very high for most people. C. highly variable across people. D. unpredictable in most settings.