The voting system for most elections in the United States is called:
A. pair-wise majority voting.
B. first-past-the-post voting.
C. approval voting.
D. instant runoff voting.
B. first-past-the-post voting.
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The benefit from a good or service that you purchase is measured by
A) the dollar amount that is paid for the good or service. B) the dollar amount you can get by selling the good or service. C) what you are willing to give up to obtain the good or service. D) how strong the incentives were that led to buying the good or service. E) None of the above answers is correct because there is no way to measure the benefit you receive from purchasing a good or service.
Refer to the scenario above. If the equilibrium price charged by the firm in the short run is $170, the firm will earn ________
A) a profit of $10 per unit B) a profit of $25 per unit C) a profit of $0 per unit D) a profit of $30 per unit
Melinda buys new equipment for her dental office with funds she borrowed from a bank that raised funds from depositors. Which of the following is correct?
a. Melinda is an investor. b. The depositors are investors. c. Both Melinda and the depositors are investors. d. Neither Melinda nor the depositors are investors.
A firm hires labor, capital, and land to produce grapefruits. Currently the marginal product of the last unit of labor input is 40, the marginal product of the last unit of capital input is 60, and the marginal product of the last unit of land input is 200. The market wage is $20 and the market price for capital is $30. If the firm is using the optimal combination of inputs, then the price of land is
A. $4. B. $40. C. $100. D. indeterminate from the given information.