Which of the following is typically considered a fixed cost by academic book publishers but a variable cost by companies that print books?
A) postage and supplies B) wages and salaries
C) travel D) rent
B
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The implication of Say's law is that
A) a barter economy is the most efficient economy. B) increased consumption today leads to increased production tomorrow. C) overproduction in a market economy is not possible. D) Gross Domestic Product is the same whether we use the expenditure approach or the income approach.
Which of the following statements is correct?
a. Advocates for drug-interdiction policies that reduce the supply of illegal drugs argue that the demand for illegal drugs may be more responsive in the long run than in the short run. b. The demand for illegal drugs is price inelastic. c. Drug interdiction efforts that reduce the supply of illegal drugs may increase drug-related crimes. d. All of the above are correct.
Resource X is necessary to the production of good Y. If the price of resource X rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y
A) supply; rightward; decrease; increase. B) demand; leftward; decrease; decrease C) demand; rightward; increase; increase D) supply; leftward; increase; decrease E) supply; leftward; increase; increase
One potential outcome of vote trading would be ______.
a. the disappearance of political parties b. the elimination of the influence of special interests c. special interests prevailing and harming the overall good d. equal representation for all people