Which is a determinant of supply?
a. Consumer income
b. Tastes and preferences
c. Production (resource) costs
d. Number of consumers
Ans: c. Production (resource) costs
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Which of the following will be included in the calculation of GDP using the income-based method?
A) Export of food grains to foreign countries B) The value-added by a worker in the production of a good C) A health insurance provided to a worker by the employer D) Money paid to a pharmacist for medicines
The standard of living (measured by what one can purchase with after-tax income) of free Americans on the eve of the Revolution was ______
a. lower than in 18th -century England, and lower than most people in the "Third World" today. b. higher than in 18th -century England, and higher than most people in the "Third World" today. c. lower than in 18th century England, but higher than most people in the "Third World" today. d. higher than in 18th- century England, but lower than most people in the "Third World" today.
Direct transfer programs are generally less efficient and less politically acceptable than subsidy programs
a. True b. False
Figure 3-10
illustrates the conditions of demand and supply in the market for compact discs. Indicate the equilibrium price and quantity.
a.
price, $20; quantity, 2,000
b.
price, $15; quantity, 3,000
c.
price, $10; quantity, 2,000
d.
price, $10; quantity, 4,000