Mary and Martha both can make cookies and cakes of the same quality, though Mary can make more of both cookies and cakes per hour than Martha. With the bake-sale quickly approaching, they want to make as many cookies and cakes as possible. In which of the following situations will the most cookies and cakes be made?
a. Mary makes as many cookies and cakes as she can, while Martha does
nothing.
b. Martha makes as many cookies and cakes as she can, while Mary does nothing.
c. Mary and Martha both specialize in what they are better at making.
d. There is not enough information.
c
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Refer to the figure above. What is the consumer surplus before Lithasia opens up to free trade?
A) $3 B) $12 C) $18 D) $22
The Connecticut General Incorporation act:
a. was passed in 1797 and allowed private citizens to pursue liability claims against corporations. b. provided for the state legislature to grant charters. c. expanded the liability for English joint-stock companies. d. was passed in 1837 and made incorporation a right of anyone. e. None of the above are correct.
People who make the arguments that economic growth will deplete natural resources make the same assumption Malthus made about resources. What is that assumption? a. Natural resources will never run out because they are freely available from nature
b. Natural resources cannot be produced, so they are available in fixed quantities. c. That new technology will limit our dependence on natural resources so they won't be depleted. d. That the government will eventually step in to save the natural resources from depletion.
For which of the following goods are consumers likely to have the most elastic demand?
A. clothing B. sweaters C. wool sweaters D. purple wool sweaters