If a good is a normal good then
a. other things equal, no consumer will buy it
b. a rise in income or wealth will increase the amount of the good that consumers will purchase
c. a decline in income will increase the amount of it that consumers will purchase
d. abnormal goods are never substituted for it
e. normal consumers will always demand it
B
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When compared with other governments around the world, government spending in the United States as a percentage of GDP_____
a. is generally lower than similar countries b. is generally higher than similar countries c. is about average relative to similar countries d. is impossible to compute because of differences between countries
Suppose you inherit the only spring of mineral water in an area and want to maximize profits from this costless product. You would ask your customers to bring their containers with them and:
a. charge them the highest price possible to sell some output. b. charge them the lowest price possible to sell as much as you can. c. ask them how much they would like to pay and accept it. d. charge the price at which MR is zero. e. charge the price at which MR is maximum.
If the same dairy can produce either whole milk or skim milk, an increase in the profitability of whole milk results in a(n)
a. decrease in the quantity supplied of whole milk b. increase in the supply of whole milk c. decrease in the supply of skim milk d. increase in the supply of skim milk e. decrease in the quantity supplied of skim milk
Which of the following terms describes how a good is produced in stages?
a. supply chain b. value chain c. supply trade d. value trade