Thomas Malthus argued that population grows geometrically and the food supply grows arithmetically
a. True
b. False
A
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An automobile factory in Michigan uses $100,000 worth of parts purchased from foreign countries along with U.S. inputs to produce 30 cars worth $20,000 each. Twenty of these cars are sold and 10 are left in inventory. How much did these actions add to GDP?
a. $300,000 b. $500,000 c. $600,000 d. $700,000
A price ceiling that is set below the equilibrium price will result in:
A. a shortage of the good. B. a surplus of the good. C. higher total economic surplus. D. higher producer surplus.
Price ceilings are intended to address the problem of
A. Business bankruptcies. B. Inefficiency in production. C. Inequity in the distribution of goods and services. D. Shortages.
Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. A movement from Point C to Point B on supply curve S2 would be caused by a(n)
A. increase in the demand for pizza. B. increase in the price of hamburgers, assuming hamburgers are a substitute for pizza. C. decrease in the price of pizza dough. D. decrease in the price of pizza.