The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production.
B. profit margin.
C. mark up.
D. value of the final product.
Answer: A
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Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. He could also earn $7 an hour working as a bagger at the local grocery. Assuming Eli can only choose between these 2 jobs and that the benefits of each job are the same. Eli’s opportunity cost every hour he decides to work at his harvesting job is:
A. more than $7. B. less than $7. C. exactly $7. D. more than $7.
If the price of inputs rises and personal income taxes rise:
a. Price index falls, and real GDP rises. b. Price index falls, and real GDP falls. c. Price index falls, and the change in real GDP is uncertain. d. The change in price index is uncertain, and real GDP rises. e. The change in price index is uncertain, and real GDP falls.
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
As shown in the graph, when a government imposes a quota, the outcome differs from that of a tariff being imposed in that area:
A. G represents quota rents instead of tax revenues. B. F and H are deadweight loss instead of transferred surplus. C. FGH is deadweight loss instead of tax revenues. D. E represents tax revenues instead of transferred surplus.
The term "market basket" means a
A. collection of goods that can fit into an average shopping cart. B. collection of goods that is purchased during a holiday season. C. collection of goods that changes every year and is defined by Congress. D. collection of goods that is used by a typical family.