Which of the following explains how consumers in Lumberland might be affected when its producers begin exporting wood and wood products to other countries?
a. Prices for wood and related wood products begin to fall.
b. Wood products such as pulp and paper are no longer available.
c. Consumers suffer as all prices in the economy begin to rise.
d. Prices for wood building materials and furniture begin rising.
d. Prices for wood building materials and furniture begin rising.
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Which of the following would be considered an ongoing expense?
A. Raw materials B. Advertising C. Employee salaries D. All of these could be considered ongoing expenses.
Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 8 gallons of ice cream and 5 paperback novels?
a. Karen, Tara, and Chelsea
b. Karen only
c. Tara and Chelsea but not Karen
d. none of the women
An entrepreneur is a(n):
A. individual who has much education. B. organizer who seeks profitable opportunities and is willing to accept risks. C. business organization that uses inputs to produce output. D. depot or warehouse for commercial products.
Horizontal equity means that
A. people across the income scale are treated fairly with regard to ability to pay. B. equal people are treated equally. C. people pay a flat rate. D. equal people are treated unequally.