An increase in the supply of wheat in the United States is most likely to result from:
a. A decrease in the amount of subsidies that wheat farmers receive from the government
b. An increase in the cost of machinery for harvesting wheat
c. An increase in the price of wheat
d. A change in farming technology that improves the soil for wheat
Ans: d. A change in farming technology that improves the soil for wheat
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In the DuPont cellophane case, rivals accused DuPont of monopolizing cellophane. DuPont claimed that the relevant market was flexible wrapping material, such as wax paper and aluminum foil, rather than just cellophane. DuPont won the case. What type of evidence constituted DuPont's defense?
Retired individuals:
a. Are always harmed by inflation. b. Are almost always helped by inflation. c. Could be helped (or, at least, not hurt) by inflation if their assets rise in value. d. Are helped by inflation when it is unexpected. e. Are harmed by inflation when it is expected.
If a business's total economic cost of producing 1,500 units of a product is $15,000 and this output sold to consumers for $16,500, then the firm would earn an economic profit of:
a. $16,500 b. $1,500 c. $15,000 d. $1,000
Net taxes equal the amount that the:
A. business sector pays the government minus the amount the private sector pays the government. B. private sector pays the government minus the amount the private sector receives from the government. C. government pays the private sector plus the amount of private sector pays the government. D. government pays the private sector minus the amount the private sector pays the government.