Which of the following illustrates the concept of external benefit?
A) Good weather increases the size of the wheat crop.
B) A new pesticide increases the size of the wheat crop.
C) A gardener enjoys his flowers.
D) Neighbors enjoy a gardener's flowers.
D
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Which of the following situations describing a resource allocation method most resembles the market price method?
A) Food from the Weld County Food Bank is distributed to families in need. B) Lattes are sold at Starbucks. C) Jose works at Intel. His manager tells him what work needs to be completed each month. D) Matt's mother had the rule that whoever cuts the cake chooses their slice last. E) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets.
How will an increase in lumber prices influence the home construction market?
a. The demand for newly constructed homes will increase. b. The demand for newly constructed homes will decrease. c. The supply of newly constructed homes will increase. d. The supply of newly constructed homes will decrease.
In the production function Real GDP = T (L, K), the T stands for tax coefficient
Indicate whether the statement is true or false
How does simultaneous consumption affect economies of scale?
What will be an ideal response?