Holding everything else constant, the more wealth a household has
A. the less it will consume now, but the more it will consume in the future.
B. the more it will consume now, but the less it will consume in the future.
C. the more it will consume, both now and in the future.
D. the less it will consume, both now and in the future.
Answer: C
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From an ethical standpoint, the plantation owners of the South typically saw the system of slavery as
(a) basically superior to the wage-labor system of the North. (b) basically inferior to the wage-labor system and only likely to exist temporarily. (c) basically equal to the wage-labor system but more profitable. (d) not needing a moral justification because slavery had been accepted without question throughout most of human history.
The gains from specialization in international trade accrue strictly from the principle of absolute advantage
Indicate whether the statement is true or false
The price of coffee rose 50 percent and coffee sales fell 25 percent. Doughnut sales also fell 25 percent. From this information we can conclude that
a. demand for coffee is inelastic. b. coffee and doughnuts are complements. c. the cross elasticity of demand is minus 0.5 percent. d. All of the above are correct.
Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product price to be $28 in 2015. Bartech's average variable cost function is estimated to beAVC = 10 ? 0.003Q + 0.0000005Q2Bartech expects to face fixed costs of $12,000 in 2015. How much profit (loss) does Bartech, Inc. expect to earn?
A. -$2,500 B. $96,000 C. $156,000 D. $166,000 E. $127,000