Which of the following is NOT one of the basic questions that an economic system attempts to answer?
A) How to eliminate choices?
B) What to produce?
C) How will goods and services be produced?
D) For whom will goods and services be produced?
A
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Consider the following:
(i) Suppose the government imposes new regulations that force tire manufacturers to incur some one-time expenses for factory safety improvements. Will the new regulations raise the price of tires? Why or why not? (ii) Suppose the government imposes new regulations that force tire manufacturers to adopt cleaner production methods that raise the production cost by $10 per tire. Will the new regulations raise the price of tires? Why or why not?
If production technologies are homothetic, all cost-minimizing production plans lie on the same ray from the origin for a given set of input prices.
Answer the following statement true (T) or false (F)
Which of the following goods are most likely to be substitutes?
a. potato chips and chip dip b. bread and peanut butter c. ketchup and French fries d. bananas and apples
Income is measured as
a. average cash holdings per time period. b. change in cash holdings per time period. c. some amount per time period. d. some amount at a point in time.