Which of the following would not be classified as a capital resource?
a. The Empire State Building. b. A Caterpillar bulldozer.
c. A Macintosh computer. d. 100 shares of stock in General Motors.
d
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The table above shows the amounts of cloth and cheese that China and Pakistan can produce in an hour. Which country has the comparative advantage in cloth and which country has the comparative advantage in cheese?
What will be an ideal response?
Adverse selection in insurance requires that
a. potential customers face different levels risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are not risk averse d. insurers can tell higher risk people from lower risk people
One method of addressing an excess demand in a market that is created by a price ceiling is to
a. decrease price b. ration the good c. create a price floor d. decrease supply e. have the government buy up the surplus
Chloe's Café sells gourmet cinnamon rolls. In the long run, the café incurs a total cost of $500 to produce 1,000 cinnamon rolls. If Chloe's Café exhibits economies of scale between 1,000 and 2,000 cinnamon rolls, the long-run average total cost for 1,500 cinnamon rolls is a. higher than $0.50. b. lower than $0.50
c. equal to $0.50. d. higher than $500.