The retail value of one dozen eggs is $2.89. Farmers receive $1.04 for this dozen of eggs. What is the farmer's share of the retail dollar?
A) 45% B) 36% C) 56% D) 64%
Answer: B
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The basic reason that a competitive unregulated market produces an inefficient amount of a good with an external cost is because
A) producers cannot measure marginal social cost. B) producers do not pay the external cost. C) the general public does not care about external costs. D) external costs are not a political issue. E) the external cost is paid by consumers rather than producers.
The real rate of interest equals 5% and the expected rate of inflation equals 2%. The nominal rate of interest equals
A) 2%. B) 3%. C) 5%. D) 7%.
Which of the following statements about price discrimination is correct?
a. A price discriminating firm will want to charge a higher price to the consumer group with the more inelastic demand. b. A firm will always be able to increase its profit by price discriminating rather than charging the same price to all customers. c. Price discrimination will be most effective when buyers can easily resell the product amongst themselves. d. Each consumer will pay a higher price when a firm is a price discriminator than would be the case if all customers were charged the same price.
Which of the following macroeconomic variables is countercyclical?
A. Money growth B. Unemployment C. Real interest rates D. Consumption