An import quota for sugar results in an increase in
A. the domestic demand for sugar.
B. sugar imports.
C. the domestic market price of sugar.
D. the domestic market supply of sugar.
Answer: C
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Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200 - 2S. Patrols cost $20 per hour. Which of the following gives the marginal social benefit function?
A. MSB = 50 - 0.5S B. MSB = 800 - 8S C. MSB = 800 - 2S D. MSB = 196 - 2S
Starting at point B in the diagram below, identify which combinations of points illustrate technological change. Give a brief explanation to support your answer
What will be an ideal response?
Anything that is widely accepted as a medium of exchange can be called money
a. True b. False Indicate whether the statement is true or false
Say a consumer is choosing between wine and cheese. The price of wine is 10 and the price of cheese is 5. If the marginal rate of substitution is 4, and if wine is on the horizontal axis and cheese is on the vertical axis then the consumer is purchasing
A. too much wine. B. purchasing more than what her income would allow. C. just the right amount of both goods. D. too much cheese.