In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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A ticket to see the Radio City Rockettes costs $90. You buy a ticket for $30 to see the New York Jets play football. The money price for
A) the Rockettes ticket is $90 and the relative price is 3 Jets tickets per Rockette ticket. B) the Rockettes ticket is 3 Jets tickets per Rockette ticket and the relative price is $90. C) a Jets ticket is $30 and the relative price is 3 Rockettes tickets per Jets ticket. D) a Jets ticket is $30 and $3 for a Rockettes ticket.
There is no unified economic theory of how to construct the institutions that are central to the success of capitalism
a. True b. False
The term nonexclusive means that once the good is provided, no one can be excluded from deriving its benefits
Indicate whether the statement is true or false
Describe the graph for a long-run supply curve in an increasing-cost industry. Why does it have this slope?
What will be an ideal response?