An example of physical capital is:
A. a tractor.
B. a high-yield seed varietal.
C. a farmer.
D. All of these are examples of physical capital.
Answer: A
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The law of demand states that there is
A) an inverse relationship between income and quantity demanded, ceteris paribus. B) a direct relationship between income and quantity demanded, ceteris paribus. C) no relationship between taste and quantity demanded, ceteris paribus. D) an inverse relationship between price and quantity demanded, ceteris paribus.
How do rising prices slow resource depletion?
Suppose Bianca buys a used a textbook from Sebastian for $55. If Bianca's surplus from this transaction was $10, we can infer that:
A. Bianca's reservation price was $60, and Sebastian's reservation price was $50. B. Bianca's reservation price was $45. C. Bianca's reservation price was $65. D. Sebastian's reservation price was $45.
Exhibit 4-7 Demand and supply schedules for movie tickets Price QuantityDemanded QuantitySupplied $10 200 500 8 240 470 6 370 420 4 390 390 2 410 310 In Exhibit 4-7, a 100 unit decrease in quantity demanded at every price level would cause the new equilibrium price to become:
A. $8. B. $6. C. $4. D. $2.