The most obvious measure of low levels of development is
A. oil production.
B. lack of water.
C. low per capita income levels.
D. bilingualism.
C. low per capita income levels.
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The figure shows the demand for and costs of producing Charlene's Chocolates. If Charlene's Chocolates is a monopoly and charges one price to all customers, then the consumer surplus is ________
A) $400 B) $900 C) $0 D) $200
Which of the following events would increase the supply of tomatoes?
a. the introduction of mechanized tomato pickers, which raises the cost of production b. an increase in wages for the tomato pickers c. a decrease in the cost of fertilizer for the tomato plants d. unseasonably hot, dry weather in the tomato-growing regions of the nation e. a decrease in the price of pasta products
A fall in demand for a commodity in a perfectly competitive market will shift the long-run supply curve to the right
Indicate whether the statement is true or false
When positive externalities exist, the government must _________ the production of the good generating the externalities in order to achieve ___________
a. allow the market to dictate; a socially optimal allocation of resources b. tax; a socially optimal allocation of resources c. subsidize; a socially optimal allocation of resources d. subsidize; market equilibrium e. tax; market equilibrium