The price in the market has fallen and so has the quantity. This could be happening because
A. factor prices are falling.
B. income has fallen for a normal good.
C. factor prices are rising.
D. technology is rapidly advancing.
Answer: B
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Use the following consumption schedule for an economy to answer the next question. All figures are in billions of dollars.RGDPConsumption$440$450490490540530590570640610If a government sector is introduced and a lump-sum tax of $30 billion is imposed at all levels of real GDP, then the values in the consumption column become
A. $426, $466, $506, $546, $586. B. $420, $460, $500, $540, $580. C. $432, $472, $512, $552, $592. D. $430, $470, $510, $550, $590.
Baseball Cards Your favorite uncle left you his baseball card collection in his will. Since you are not a fan, you auction them off on an Internet website. Since nothing was created, how could this decision have created wealth?
Variable factors of production are the inputs that a manager:
A. may adjust in order to alter sales. B. cannot adjust in the short run. C. cannot adjust in the long run. D. may adjust in order to alter production.
Refer to Exhibit 2-8. For Maria, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X.
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