If corn and wheat are alternative pursuits for a farmer, a change in the supply of corn will take place when, ceteris paribus,
A. The price of wheat changes.
B. The demand for corn changes.
C. Consumers want to buy more corn at the same price.
D. The price of corn changes.
Answer: A
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Consider an apple orchard owner deciding how to incentivize his fruit pickers to get them to pick more apples he should:
a. To pay the pickers per pound of apples picked b. To pay the pickers an hourly rate c. To pay the pickers an hourly rate plus a bonus d. To not pay the pickers
A sole proprietorship is limited to how many owners?
A) 1 B) 2 C) 10 D) There is no limit to the number of owners.
Presently, GDP is ________ to compensate for the costs of environmental damage
A) adjusted on a chain-weight basis B) partially adjusted C) not adjusted D) fully adjusted
Producer surplus is usually less than profit
a. True b. False