Which of the above diagrams illustrate(s) the effect of a decline in the price of irrigation equipment on the market for corn?
A. B and C
B. D only
C. C only
D. B only
Answer: C
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Which of the following is the best example of a person NOT having clear property rights?
A) a city parks worker who inherits his uncle's town house B) a medical student who lives on campus for his first year of studies C) a retired college professor who builds a bungalow on her oceanfront property D) a dairy farmer who pays off the mortgage on his farm
Why does government provide educational opportunities in the form of vouchers, subsidies, and public provision?
What will be an ideal response?
Mikey likes bagels, so he buys an old pizza shop for $150,000 and spends $10,000 installing new equipment which will allow him to make bagels instead of pizza. How will Mikey's recent purchases affect GDP?
A. Investment will increase $160,000. B. Investment will increase $150,000, and consumption will increase $10,000. C. Consumption will increase $150,000, and investment will increase $10,000. D. Investment will increase $10,000.
Exhibit 7-10 Price and cost data for a firm Q P AVC ATC MC 0 $12 ? ? ? 1 12 3 5 5 2 12 5 6 7 3 12 7.3 8 12 4 12 9.5 10 16 In Exhibit 7-10, the maximum possible total profit is:
A. $36. B. $24. C. $12. D. $8.