In a market economy with no government intervention, the HOW to produce question is based on
A. Production costs alone.
B. Consumer demand.
C. Environmental considerations only.
D. Production costs plus environmental considerations.
Answer: A
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In economics, the total amount received for selling a good or service is referred to as
A) revenue. B) factor payments. C) profit. D) capital gains.
What does the PPI measure?
A) the level of production of goods and services generated in the economy in a given year B) the average of the prices received by producers of goods and services at all stages of the production process C) the average change in the prices paid for all goods produced in the economy over a given year D) the difference between the prices consumers pay for goods and services and the prices producers pay for goods and services
The Tokyo Round of the GATT negotiations was notable because it was the first round
A) that included Japan. B) that included textiles and apparel. C) to begin establishing rules on subsidies. D) to begin discussions of exchange rates. E) to limit the tariffs of the United States.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is total output in the Nash equilibrium?
A. 4,000 B. 2,666.66 C. 1,600 D. 8,000