According to the law of supply:
A. producers are willing to supply larger amounts of a good as its price increases.
B. a direct relationship exists between the price of a good and the amount buyers choose to buy.
C. an inverse relationship exists between the price of a good and the amount buyers wish to buy.
D. an inverse relationship exists between the price of a good and the amount producers supply.
Answer: A
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The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $175 a piece to produce, what is the efficient quantity of submarines?
A) 0 B) 1 C) 2 D) 3
Sequential games are often used to analyze which two types of business strategies?
A) deciding to end production of an unprofitable product and deciding to shut down temporarily B) deciding to merge with another firm and deciding how much to spend on an advertising campaign C) deterring entry by another firm and bargaining between firms D) whether to invest in research and development and whether to offer employees an early retirement package
Which of the following is included in GDP?
a. burglar alarm purchases b. crime c. traffic congestion d. income equality
If the rate of exchange between the U.S. dollar and the British pound were £1.00 to $2.00, then a U.S. tourist buying a British product costing 600 pounds would need to exchange dollars in the amount of
a. $2,400. b. $600. c. $300. d. $1,200.