Kelly has received a $50 check from her Grandparents to help with her expenses at college. She has narrowed her choices of how to spend the money to three: a new backpack, a dinner out with a friend, a fleece vest. Of these she likes the vest best and the backpack least. What is her cost of buying the fleece vest?
a. $50.
b. A new backpack.
c. A dinner out with a friend.
d. Nothing since the money was a gift to her.
c. A dinner out with a friend.
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The principle of voluntary exchange is based on the idea of
A) making assumptions. B) rational self-interest. C) thinking at the margin. D) isolating variables.
Refer to Figure 7-3. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts demanded by domestic consumers in the absence of a quota?
A) 10 million pounds B) 28 million pounds C) 30 million pounds D) 40 million pounds
In the short run, profit maximization typically occurs where total revenue is at its maximum
a. True b. False
Division of iron ore between the production of bridge girders and tanker drums is an example of
a. a distribution problem. b. production planning. c. input-output analysis. d. both output selection and distribution