A movement along a supply curve is induced by a change in
A) input prices.
B) taxes and subsidies.
C) price expectations.
D) the product's own price.
D
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In an economy, the number of potential workers is 60,000, the size of the labor force is 45,000, and the number of employed workers is 39,000. Calculate the unemployment rate and labor force participation rate in the country
What will be an ideal response?
What problems does a command economy face when it tries to determine what to produce for the economy?
What will be an ideal response?
The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed's opportunity cost of selling is $135 and Luis' valuation of the good is $185 . Suppose Ed and Luis do not speak the same language and Ed hires an interpreter who charges $2 per hour. Ed and Luis finally agree to a price of $160 . This implies:
a. Luis' valuation of the good will increase. b. Ed's opportunity cost will decline. c. economic value from the transaction will decline. d. Ed will receive to a lower benefit than Luis.
Which of the following is not a source of product differentiation?
a. physical differences in products b. differences in service provided by firms c. differences in the location of sales outlets d. All of the above are sources of product differentiation.