Refer to the accompanying figure. At a price of $3, there will be:
A. an excess demand of 7 units.
B. an excess supply of 7 units.
C. an excess demand of 5 units.
D. an excess supply of 2 units.
Answer: C
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If a firm does not sell all of the goods that it produces in a given time period, then the goods
A) do not count in GDP for that time period but always count next period. B) do not count in GDP ever. C) count in GDP the period they are sold to the final user. D) count negatively in GDP as inventory investment. E) count positively in GDP as inventory investment.
If a firm buys a specialized metal stamping machine that will last 4 years for $125,000 and cannot resell it, the opportunity cost is
A) $0. B) $31,250. C) $125,000. D) $93,750.
BBQ to Go is a large fast food restaurant chain with franchises located throughout the United States. BBQ to Go's advertising ________ promote the benefits of eating BBQ to Go sandwiches and ________ highlight an individual BBQ to Go location in Asheville, North Carolina.
A) will not; will B) will; will C) will not; will not D) will; will not
Which factor receives the profit from production?
a. land b. labor c. capital d. entrepreneurship