Which of the following "factors of production" is included in the neoclassical growth theory?
A) skills and education of the workforce
B) cultural attitudes toward work
C) effectiveness of the legal system in protecting property rights
D) labor measured in units of effective labor
E) all of the above
D
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Sara's Strawberry Market maximizes its total revenue by selling strawberries for $1.25 a basket. At a price of $1.25, you predict that ________
A) the demand for strawberries is inelastic B) Sara's sells most of the strawberries that she grows C) the demand for strawberries is elastic D) the demand for strawberries is unit elastic
In the above figure, tax revenue is at a maximum when the tax rate is
A) 0 percent. B) 30 percent. C) 50 percent. D) 100 percent.
Refer to Figure 7-12 An increase in price from $30 to $35 would
a. increase total revenue by $250
b. decrease total revenue by $250.
c. increase total revenue by $500.
d. decrease total revenue by $500.
Assume the price of Advil increases. As a result, you decrease the quantity of Advil purchased each month and purchase more Tylenol. This is an example of the:
A. income effect. B. utility effect. C. consumption effect. D. substitution effect.