The U.S. national debt at the end of 2014 was about $30 trillion
a. True
b. False
Indicate whether the statement is true or false
False
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A tax on candy will be paid by ______
A. only buyers if the demand for candy is inelastic B. only sellers if the supply for candy is inelastic C. buyers and sellers if the demand for candy is elastic D. only buyers if the supply of candy is elastic
A public good has the quality of excludability but not the quality of depletability
a. True b. False Indicate whether the statement is true or false
Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each. What are Wanda's total economic profits?
a. $150 b. $126 c. $96 d. $54
If a U.S. company operates within a competitive environment and chooses to offshore part of its production process, the resulting change in the firm's costs should shift the ______________ curve for its product ___________________, thus _____________ the price of the product being produced
A) supply; leftward; lowering B) supply; rightward; raising C) demand rightward; raising D) supply; rightward; lowering