According to the text, on a kibbutz in Israel
a. farmers produce oranges no matter what the price
b. members are not profit maximizers
c. there is no link between an individual's effort and reward
d. universal equality is seen as unrealistic
e. high-tech manufacturing is not feasible
C
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Which of the following is likely to happen if the government increases its expenditure?
A) Price level will fall. B) Investment will decrease. C) Unemployment will increase. D) Consumption will increase.
The demand for a textbook written by Schwarz and Mobley is Q = 20,000?50P; supply is Q = 2,000 + 100P. Students complain about the high price of textbooks, so a price ceiling is imposed, which unfortunately leads to a shortage of texts. Below what price will shortages occur?
What will be an ideal response?
When the price of Ford pickup trucks rises from $18,000 to $19,000, the quantity of Chevy trucks demanded increases from 112,000 to 144,000. What does the cross elasticity of demand between Ford and Chevy trucks equal?
What will be an ideal response?
Increasing opportunity cost implies that
A) producing additional units of one good results in proportionately smaller reductions in the output of the other good. B) producing additional units of one good results in increasing amounts of lost output of the other good. C) the production possibilities frontier will be a straight line. D) the society will be producing inside its production possibilities frontier.