Which of the following is not considered part of the productive resource, land?
a. raw materials.
b. intellectual power.
c. water resources.
d. atmospheric conditions.
b. intellectual power.
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If a company pays a dividend of $2 to be received one year from now, dividends are expected to grow at a rate of 3 percent per year for the indefinite future, and the interest rate is 4 percent,
the price of the company's stock should be ________ per share. A) $3.40 B) $28.57 C) $200.00 D) $340.00
Suppose a firm in a perfectly competitive market is operating at its profit-maximizing level of output. Will the firm suspend operations if it faces a reduction in the price it can charge for its product?
a. No, because it can always raise its prices in the short run. b. No, because it can always raise its prices in the long run. c. No, as long as the firm earns sufficient revenue to pay all of the variable costs. d. Yes, since it never makes sense to operate at a loss, even in the short run. e. No, because it always makes sense to operate at a loss, even in the long run.
What is one reason private solutions to externalities do NOT always work?
a) Government participation in such solutions complicates the process. b) Some parties benefit from externalities. c) Interested parties incur costs in the bargaining process. d) The actual costs and benefits of the problem are difficult to see.
Demand for low budget items, such as candy, is generally ________ than demand for large budget items, such as automobiles.
A. higher B. lower C. more elastic D. less elastic