The social arrangement that gives John Grisham, the writer of best-selling novels, the ownership of his novels is
A) a market.
B) property rights.
C) absolute advantage.
D) dynamic comparative advantage.
B
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If the supply of iPods increases, then
i. the supply curve for iPods has shifted rightward. ii. the price of iPods has decreased. iii. there will be a movement upward along the iPod supply curve. A) i only B) i, ii and iii C) i and ii D) ii and iii E) i and iii
Which of the following is the most aggregated value?
A. Total output of a city B. Total output of a country C. Total output of a firm D. Total output of an industry
The average annual rate of population increase in the Philippines from 2000 to 2010 was about 2 percent. Based on this rate of growth, the population of the Philippines will double in about:
A. 7 years B. 11 years C. 35 years D. 46 years
Related to the Economics in Practice on page 302: A television at a local electronics store has a marked retail price of $1,000. This television has been advertised at 40 percent off the retail price. The store is also having a promotion of an additional 50 percent off all sale-priced televisions. Based on these stackable discounts, what is the actual selling price of this television?
A. $100 B. $300 C. $350 D. $600