If you owned a small farm, which of the following would most likely be a fixed cost of production in the short run?
A. Hail insurance
B. Harvest labor
C. Seed
D. Fertilizer
Answer: A
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Fractional reserve banking began
A) in ancient Greece. B) in the early nineteenth century. C) in the early twentieth century. D) in the Middle Ages.
Refer to Figure 2-4. A movement from Y to Z
A) represents an increase in the demand for plastic products. B) is the result of a decrease in preference for food products. C) is the result of advancements in plastic production technology. D) is the result of advancements in food production technology.
Which of the following would be classified as private investment?
a. An individual's purchase of a used car b. A family's purchase of groceries c. An individual's purchase of a General Electric bond d. A family's purchase of a newly built home e. A family's purchase of a new car
An increase in demand will increase prices least when supply is
A. inelastic (but not perfectly inelastic). B. unit elastic. C. perfectly inelastic. D. elastic.