Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each candy bar sells for $0.50. What is the market value of production in this economy?
A. $5.00
B. $6.00
C. $1.00
D. $0.75
Answer: B
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The Personal Responsibility and Work Opportunity Act of 1996 ended the federal guarantee of cash assistance for ______________.
Fill in the blank(s) with the appropriate word(s).
A movement upward and to the left along a demand curve is called a(n)
a. increase in demand.
b. decrease in demand.
c. decrease in quantity demanded.
d. increase in quantity demanded.
Using the vertical long-run aggregate supply curve, an increase in the aggregate demand for an economy would have which of the following effects in the long-run?
A) An increase in government spending to shift aggregate demand to the right. B) An increase in aggregate output and a rise in the price level. C) No change in aggregate output and a fall in the price level. D) No change in aggregate output and a rise in the price level.
If the demand for a good decreases because consumer income increases, the good is a(n):
A. inferior good. B. normal good. C. necessity good. D. luxury good.