The major component of all activities once a crop, livestock, or fiber product leaves the farm gate is
A) labor. B) advertising.
C) packaging and transportation. D) none of the above.
Answer: A
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The table above gives the purchases of a typical consumer in a country comprised of one large city. These consumers purchase only restaurant meals and parking. The year 2010 is the reference base period
a. Find the total cost of the CPI market basket for 2010 and 2011. b. What is the CPI in 2010 and in 2011? c. What is the inflation rate between 2010 and 2011?
Pete the Pizza Man produced $87,000 worth of pizzas in the past year. He paid $39,000 to employees, paid $11,000 for vegetables and other ingredients, and paid $5000 in taxes
He began the year with ingredient inventories valued at $1000, and ended the year with inventories valued at $2000. What was Pete's (and his employees') total contribution to GDP this year?
The above figure shows the market for crude oil. If a consumer group convinces the government to set a maximum price of $2 per barrel, then
A) 300 barrels of crude oil will be sold at $2. B) zero barrels of crude oil will be sold. C) zero barrels of crude oil will be demanded. D) None of the above.
Increased international trade and deregulation have resulted in
a. increased competition in the U.S. economy b. greater monopolization of industries in the U.S. economy c. more oligopolies and cartels in the U.S. economy d. greater government intervention in the U.S. economy e. no changes in the U.S. economy