Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00If the corn was grown and the jar of popcorn produced in the year 2017, but the jar was sold at Friendly Groceries in the year 2018, what is the contribution of these transactions to GDP in the year 2018?
A. $1.50
B. $0.00
C. $0.50
D. $4.00
Answer: A
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Unlike indifference curves, isoquants can intersect
Indicate whether the statement is true or false
Which of these does not interfere with the price mechanism?
A. Usury laws B. Minimum wage laws C. Farm price supports, or price floors D. The law of supply and demand
Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right.
If Candidate X is running for office against Candidate Z, then:
A. all voters to the left of Z will vote for X, and all voters to the right of Z will vote for Z. B. all voters who would have voted for Y will vote for X. C. Candidate X might win. D. Candidate Z will win.
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. Full resource employment and production efficiency is represented by a point
A. inside the production possibility frontier. B. outside the production possibility frontier. C. either inside or along the production possibility frontier. D. along the production possibility frontier.