Which of the following goods is likely to be sold through an auction?
A) a loaf of bread from a local bakery
B) the rights to drill for oil on a specified 200 acres in Texas
C) an ear of corn
D) a bag of flour
B) the rights to drill for oil on a specified 200 acres in Texas
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Which of the following industries would be considered to have a labor intensive production process?
A. Printing a novel B. Farming in a poor country C. Building a road. D. Driving a truck.
The actual exchange rate of the real, Brazil's currency, is 2.50 real per U.S. dollar. According to the latest PPP estimations, the real is undervalued by 40 percent. This implies that the PPP exchange rate is:
A. 1.40 real per dollar. B. 1.20 real per dollar. C. 1.50 real per dollar. D. 2.00 real per dollar.
Stephenie can tell if her car has been fixed or not-it works, or it doesn't-but she cannot tell how it was fixed. The car repair is a(n)
A. experience good. B. credence good. C. luxury good. D. search good.
According to the ability-to-pay principle, taxes should be levied on a person according to his or her ability to bear that tax burden
a. True b. False Indicate whether the statement is true or false