It is Valentine's Day in the United States, and you give your lover one dozen roses that were freshly picked 72 hours ago from the fields of Kenya. What made this gift possible?
A) the United Nations Director of Horticultural Operations, who oversees the planting and transportation of flowers around the world
B) the Jennifer Flowers Act, which helps coordinate the logistics of agricultural trade flows between the United States and Kenya
C) economic markets
D) tariff laws in the United States
Answer: C) economic markets
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Profit functions are homogeneous of degree zero.
Answer the following statement true (T) or false (F)
The figure above shows the demand and cost curves for a single-price monopoly. The firm will produce ________ units and set a price of ________ per unit
A) 15; $20 B) 10; $20 C) 10; $30 D) None of the above answers is correct.
The monopsonistic employer hires more workers until marginal:
a. physical product is zero. b. revenue product equals marginal factor cost. c. revenue product equals the wage. d. physical product equals the wage. e. physical product equals marginal factor cost
If the price of a good falls, then the equilibrium consumption of that good:
A. increases if it is an inferior good. B. remains the same. C. decreases if it is a normal good. D. None of the statements is correct.