Hester owns an ice cream sho
A) $2.
B) $20.
C) $10.
D) $40.
E) $4.
B
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Suppose the economy is producing at the natural rate of output. A decrease in consumer and business confidence will cause ________ in real GDP in the short run and ________ in inflation in the short run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
Big Pools is large swimming complex. Suppose adults have a demand for entrance into Big Pools that is less than half of the teenagers demand for entrance and there are an equal number of adults and teenagers. If Big Pools practices two-part pricing, to earn greater profit, Big Pools ________ adjust the membership fee to include ________.
A) should not; adults B) should; adults C) should not; teenagers D) should; all consumers
Because private owners are held responsible for damages their property causes to the property of others, private owners have
a. a strong incentive to take steps to reduce the chance that they will harm the property of others. b. a strong incentive to use their property now rather than conserving it for the future. c. little incentive to take good care of the property. d. little incentive to consider the harm their property may do to the property of others.
Use the table below to answer the following question. The table outlines the production possibilities for two hypothetical countries.
Redland | Blueland | ||
Mutton | Oats | Mutton | Oats |
(tons) | (millions of bushels) | (tons) | (millions of bushels) |
0 | 8 | 0 | 8 |
4 | 6 | 3 | 6 |
8 | 4 | 6 | 4 |
12 | 2 | 9 | 2 |
16 | 0 | 12 | 0 |
Which of the following statements is true?
a. Redland has a comparative advantage in producing oats.
b. Redland enjoys a comparative advantage in producing both products and could not gain from exchange.
c. Redland should specialize in producing mutton and should trade for oats.
d. In this example, Blueland has nothing to gain through trade with Redland.