Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be
A) $0. B) $10.
C) between $10 and $20. D) $30.
C
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Which of the following does the production possibilities curve illustrate?
a. The tradeoffs facing a society b. The fact that more of one product can be produced only by reducing the quantity of other products that are being produced, assuming that resources are being used efficiently c. The maximum output that can be produced with a limited amount of resources d. The opportunity cost of alternative choices e. All of these
For any country, if the world price of copper is lower than the domestic price of copper without trade, that country should
a. export copper. b. import copper. c. neither export nor import copper, since that country cannot gain from trade. d. neither export nor import copper, since that country already produces copper at a low cost compared to other countries.
Suppose a firm currently produces 325 units of output per day with 15 workers. The firm is able to produce 340 units of output with a 16th worker. What is the marginal product of the 16th worker?
a. 10 units of output b. 15 units of output c. 16 units of output d. 25 units of output
Which of the following is a source of data for the consumption component of the U.S. GDP?
A. The Census Bureau's Retail Trade Survey. B. The Census Bureau's Survey of Government Finance. C. The Conference Board's Index of Leading Indicators. D. The Bureau of Labor Statistics' Consumer Price Index.