Refer to Figure 2.1. If you are producing 600 tons of agricultural products per year, what is the maximum amount of manufactured products you can produce per year?
A. 300 tons
B. 500 tons
C. 600 tons
D. 700 tons
Answer: A
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Given the scenario described, if the market price of hammers increased from $8 to $14, total producer surplus would:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. increase from $8 to $14. B. increase from $1 to $12. C. decrease from $14 to $8. D. increase from $7 to $30.
A decrease in the supply of money, other things being equal, will raise the equilibrium interest rate
a. True b. False Indicate whether the statement is true or false
Which of the following are examples of tools used to reduce adverse selection?
A. dealer warranties B. universal health coverage C. lemon laws D. all of the above
Assuming a competitive world, does your country have an absolute advantage in making pizza? You can get your answer by
a. observing if your country makes more pizza than any other country b. calculating the costs of pizza ingredients in your country c. comparing pizza prices in other countries d. calculating the opportunity cost of a pizza in your country e. looking at your country's terms of trade