The figure above shows Diane's demand curve for soda. The price of a soda is $1.00. Diane's consumer surplus from her 15th soda is
A) $0.00.
B) $0.50.
C) $1.00.
D) $1.50.
E) $2.50.
A
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Among the different stages of red wine production (selection of grapes, crushing, fermentation, blending and fining, adding preservatives, filtration and bottling), the first stage-selection of grapes is called the downstream and the final stage-packaging/bottling is called the upstream
Indicate whether the statement is true or false
A system of economic organization in which the ownership and control of productive capital assets rests with the state and in which resources are allocated through central planning and political decision making is called
a. socialism. b. a market economy. c. a corporate economy. d. capitalism.
Cars produced by General Motors in Mexico would be included in U.S. Gross domestic product.
Answer the following statement true (T) or false (F)
Suppose Country A, a labor-abundant country, produces only wheat and cloth. The following equations illustrate the prices and costs of wheat and cloth in the country. The numbers indicate the amounts of labor and land needed to produce a unit of wheat and cloth. 'W' is the wage rate and 'r' is the rental rate of land.Price of wheat = 1w + 2rPrice of cloth = 2w + 1rSuppose Country A engages in free trade and the price of cloth increases from $3 per unit to $4 per unit. The price of wheat remains unchanged at $3 per unit. The wage rate and the rental rate change to ________ and ________, respectively.
A. $4/7; $5/7 B. $1; $5/3 C. $5/3; $2/3 D. $3/2; $1