Erbia can produce either 18 pounds of oranges or 9 pounds of apples an hour, while Glassen can produce either 16 pounds of oranges or 4 pounds of apples an hour. Which of the following terms of trade between apples and oranges would allow both Erbia and Glassen to gain from specialization and exchange?
a. 1 pound of oranges for 0.2 pounds of apples
b. 2 pounds of apples for 3 pounds of oranges
c. 3 pounds of apples for 3 pounds of oranges
d. 1 pound of apple for 3 pounds of oranges
d
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Which of the following statements is not true according to the National Center for Health Statistics?
a. Almost 15 percent of all Medicaid spending is attributable to tobacco use of one kind or another. b. Alcohol- and smoking-related illnesses are associated with over 500,000 deaths annually. c. Smoking prevalence among 18-24-year-olds is rising. d. The average smoker in the U.S. has a life expectancy that is almost 10 years shorter than the average non-smoker's. e. There is very little difference in the prevalence of smoking between males and females worldwide
Refer to Scenario 7.2 below to answer the question(s) that follow. SCENARIO 7.2: You are the owner and only employee of a company that sets odds for sporting events. Last year you earned a total revenue of $100,000. Your costs for rent and supplies were $50,000. To start this business you invested an amount of your own capital that could pay you a return of $20,000 a year. Refer to Scenario 7.2. A yearly normal return for your company is
A. $20,000. B. $40,000. C. $60,000. D. $100,000.
The CEO of Always Round Tires has decided to open a battery division. He thinks that batteries would sell well with tires at their outlets and that Always Round's quality reputation will be transferred to the batteries. Should he set up the new division as a Revenue Center, as a Profit Center, or as an Investment Center? Why?
What will be an ideal response?
If a severe drought causes the harvest of corn to be 10 percent less than anticipated, it will cause a large increase in the price of corn if
A) corn is scarce. B) the demand for corn is highly elastic. C) the demand for corn is highly inelastic. D) the supply of corn is highly elastic. E) the supply of corn is highly inelastic.