Donald produces nails at a cost of $350 per ton. If he sells the nails for $500 per ton, his producer surplus is
a. $150.
b. $350.
c. $500.
d. $850.
a
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In the knowledge economy
A) physical property rights appear to be lacking. B) property rights have become stronger. C) property rights have been replaced by network externalities. D) intellectual property rights appear to be lacking.
Which of the following students would be most likely to drop out of college before completing their degree?
A) a junior secondary education major who has just read about the substantial improvement in the job opportunities available for teachers with a college degree B) a senior physics major with a solid B average C) an outstanding baseball player in his junior year that just received a $500,000 offer from a professional team D) a junior economics major who wants to attend law school
Gross national product is the total market value of
A. all final goods and services produced in a country in a given year, regardless of who owns the resources. B. all final and intermediate goods and service produced by resources owned by a country in a given year. C. all final and intermediate goods and services produced in a country, regardless of who owns the resources. D. all final goods and services produced by resources owned by a country, regardless of where production takes place.
The use of money is more efficient than barter because the introduction of money
A. reduces the need for economic specialization. B. reduces the need to exchange goods. C. reduces transaction costs. D. reduces the need for other stores of value.