Scott receives a producer surplus of $1,000 from selling a baseball bat. If the market price of the bat is $1,500, the minimum price at which Scott was willing to sell the bat is $500
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 2-3. Assume Dina's Diner only produces sliders and hot wings. A combination of 120 sliders and 100 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed
A) government tariff revenue will decrease, and therefore national economic welfare will decrease. B) government tariff revenue will decrease, and therefore national economic welfare will increase. C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare. D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare. E) government tariff revenue will increase, hence increasing national economic welfare.
Which of the following would be considered a positive incentive for a farm business?
a. soil remediation costs b. fertilizer licensing fees c. agricultural subsidies d. real estate taxes
GDP measured using current prices is called:
A. Nominal GDP B. Real GDP C. Constant GDP D. Deflated GDP