In response to the atrocities committed during World War II, the _________ was adopted, and its principles remain relevant
Fill in the blank(s) with the appropriate word(s).
Universal Declaration of Human Rights
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The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
What is the long run problem for farmers?
What will be an ideal response?
A firm produces a good and generates $5 million in receipts. Wages are $3 million, rent is $500,000, and interest payments are $1 million. Then
A) profits are $500,000, the cost of production is $4.5 million, and households receive income equal to $4.5 million. B) profits are $500,000, the cost of production is $5 million, and households receive income equal to $4.5 million. C) profits are $500,000, the cost of production is $5 million, and households receive income equal to $3.5 million. D) profits are $500,000, the cost of production is $5 million, and households receive income equal to $5 million.
Jack trades his basketball for Jim's baseball glove. This simple trade is
A) unproductive, because nothing new has been produced. B) productive, because Jack and Jim expect to be better off by trading. C) costless, because no money was involved in the deal. D) a cost to the manufacturer because neither Jack nor Jim bought a new ball or glove. E) not good for the overall economy, for reasons A and D above.