Of the following examples, the sales for ______ will most likely be affected by the health of the economy.
a. drain cleaner
b. towels
c. dishwashing liquid
d. popcorn
b. towels
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Billy is a plumber. He earns $15 per hour. One morning, just before he was leaving for work, he found a pipe in his kitchen leaking. He spent two hours repairing the pipe
i) How will this affect the calculation of GDP? ii) If Billy had spent two hours working for one of his clients, what would have been the effect of his activity on the calculation of GDP?
If the government's provision of a subsidy is too large to counteract the entire effect of a positive externality, the:
A. quantity consumed will become even lower. B. quantity consumed will become too high. C. total surplus will be maximized. D. None of these statements is true.
Marginal utility: a. generally increases as more of a good is acquired
b. generally remains constant as more of a good is acquired. c. generally decreases as more of a good is acquired. d. begins to fall when total utility reaches its highest point.
If one were to rank the demand curve facing a firm from the least elastic to the most elastic, the ranking would be
a. monopoly, perfectly competitive, monopolistically competitive b. monopoly, monopolistically competitive, perfectly competitive c. perfectly competitive, monopoly, monopolistically competitive d. monopolistically competitive, monopoly, perfectly competitive e. perfectly competitive, monopolistically competitive, monopoly