Consider the following scenario: The Kellogg's facility buys corn and makes boxes of cornflakes. The grocer buys the boxes and places them on the shelf. A mother then buys a box for her family
Which of the following would be classified as a purchase of a final good? A) The cornflakes purchased by the mother
B) The cornflakes purchased by the grocer
C) The corn purchased by Kellogg's
D) All of the above.
E) None of the above.
A
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Restricting access to endangered common resources assigns
A) permanent property rights to those people given permission to use the resource. B) temporary property rights to those people given permission to use the resource. C) property rights to no one since access has been restricted to only a select few. D) property rights to society in general since the resource is a common resource.
The demand and supply functions for sweatshirts (the basic grey kind) are as follows:
Demand Supply Quantity Quantity Demanded Supplied Price (per period) Price (per period) $10 15,000 $10 22,000 9 15,500 9 19,000 8 16,000 8 16,000 7 16,500 7 13,000 6 17,000 6 10,000 5 17,500 5 7,000 4 18,000 4 4,000 3 18,500 3 1,000 2 19,000 2 0 a. Graph the demand and supply functions for sweatshirts and find the equilibrium price and quantity. b. What effect will an increase in the price of gym shoes (a complement) have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph. c. What effect will a wage increase for workers in the sweatshirt industry have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph.
The national debt must be paid back in the future
a. True b. False
The cost of production in an oligopolistic industry is identical for all the firms
a. True b. False Indicate whether the statement is true or false