Which of the following would cause a movement along the supply curve for cupcakes?
a. an improvement in technology for commercial mixers
b. a decrease in the price of cupcakes
c. an increase in the price of cake flour
d. All of the above are correct.
b
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What is the most innovative feature of the International Criminal Court (ICC)?
a. Its focus is on the individual criminal, not the state. b. Its authority affects every nation on earth, not just voluntary members. c. Its decisions are made by an international jury, not a panel of judges. d. Its goal is to safeguard human rights, not punish criminal behavior.
The Social Security System in the U.S. is best described as a:
A. defined contribution plan. B. defined benefits plan. C. pay-as-you-go system. D. employer funded plan.
According to the text, in the absence of uncertainty, no one can obtain a profit from the exclusive ownership of a scarce resource, such as a patent or a franchise, because
A) demand curves will be perfectly elastic. B) marginal cost will equal marginal revenue. C) profit requires active production rather than static ownership. D) the cost of retaining ownership will rise to eliminate any profit. E) the tax on capital gains will eliminate any profit.
The theory of factor pricing uses supply-demand analysis.
Answer the following statement true (T) or false (F)