Converting corn into ethanol is most profitable when there is/are:
a. High ethanol prices and low corn prices
b. Low ethanol prices and low corn prices
c. Low ethanol prices and high corn prices
d. When the amount of ethanol produced approaches the limits of the amount required in production of gasoline blended with 10% ethanol (the current "blend wall")
e. Restricted expansion of ethanol production capacity
a. High ethanol prices and low corn prices
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In the above table, the average total cost of producing 14 units of output is
A) $5.71. B) $6.75. C) $7.00. D) $7.86.
Using the concepts of aggregate demand and aggregate supply, explain how the economy reaches an equilibrium level of real GDP and price level.
What will be an ideal response?
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited. B. examples of negative externalities. C. public goods. D. food and other necessities.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.