For a previously-illegal good, decriminalization will cause
A. demand to become less elastic.
B. supply to become less elastic.
C. price to rise, unambiguously.
D. supply to increase.
Answer: D
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Give two reasons why GDP does not reflect total production in an economy
What will be an ideal response?
If a pair-wise majority vote was held, the voters' preferences are shown in the table, and Carlo is setting the agenda for votes, which pair will he put up for vote first?
A. Public zoo and public parks
B. Public transportation and public zoo
C. Public parks and transportation
D. It will not matter, as it will not affect the outcome of the voting.
Suppose a firm uses both labor (L) and capital (K) and its long-run production function is given by the expression Q = F(L,K) = 2L × ?(L + K). The firm currently uses 10 units of capital. Complete the following table:
What will be an ideal response?
Paul, a Canadian citizen, purchases oranges grown in Florida. This purchase is an example of
a. a U.S. import and a Canadian export b. a U.S. export and a Canadian import c. an export for both the U.S. and Canada d. an import for both Canada and the U.S.