Which is more preferred between a cash gift and an in-kind gift?
A. Both are equally preferred.
B. A cash gift.
C. An in-kind gift.
D. None of the statements is correct.
Answer: B
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If aluminum producers expect aluminum prices to fall in the future, this belief shifts the current ________ curve for aluminum to the ________
A) supply; left B) demand; left C) demand; right D) supply; right E) None of the above is correct.
The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price. B) price to a change in the quantity supplied. C) quantity supplied to a change in the quantity demanded. D) quantity demanded to a change in the quantity supplied.
The total social costs of production are:
a. private costs plus private benefits. b. private benefits minus private costs. c. private costs plus external costs d. private costs minus external costs.
We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples. B. more advanced farming technology. C. more land available to grow them on. D. less governmental oversight in the pineapple industry.