Empirical studies indicate that the maximum amount of air pollution occurs ________ levels of real GDP per person.
A. at the lowest
B. at "middle-income"
C. equally at all
D. at the highest
Answer: B
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Imports ________ consumer surplus, ________ producer surplus, and ________ total surplus
A) decrease; decrease; decrease B) increase; increase; increase C) increase; decrease; decrease D) increase; decrease; increase E) decrease; increase; increase
If Pizza at Home and Pizza in Your Fridge are two competing frozen pizza firms and Pizza at Home wants to make a threat to Pizza in Your Fridge more credible, they can do all of the following except which one?
A) take action to lower the firm's costs B) take action to increase the firm's capacity C) make Pizza in Your Fridge aware of Pizza at Home's plans D) keep Pizza in Your Fridge in the dark regrading Pizza at Home's plans
The price of a loaf of bread is $1.50, the price of a gallon of milk is $3.00, and the price of a pound of butter is $2.40. The price of a loaf of bread relative to a gallon of milk is ________, while the price of a gallon of milk relative to a pound of
butter is ________. A) 0.5; 0.8. B) 0.5; 1.25. C) 2.0; 1.25. D) 2.0; 0.8.
Prices of farm products are
A. The result of government-enforced price ceilings in the farming industry. B. Subject to short-term swings. C. Below the market equilibrium price because of price support programs. D. Very stable in the short run.