Suppose that you are evaluating the market for kellogg

Assignment Help Business Economics

Reference no: EM13243709

Which of the following countries is an example of a command and control economy?

a) North Korea

b) United States of America

c) All of the above

d) None of the above

If the marginal cost exceeds the marginal benefit, ________.

a) the price of the good is above the equilibrium price

b) consumers have an incentive to buy less of the good

c) producers should increase production of the good

d) the price is greater than the total cost of production

Which of the following must lead to an increase in the price for tomatoes?

a) The weather is optimal for growing tomatoes the entire growing season.

b) There is a successful advertising campaign for tomatoes and the wages fall for tomato farmers.

c) Researchers discover that tomatoes reduce cancer and the wages increase for tomato farmers.

d) A technology breakthrough allows farmers to produce more tomatoes with the same inputs

Which of the following is true in the water-diamond paradox?

a) Consumer surplus of water exceeds consumer surplus of diamonds.

b) Producer surplus of water exceeds producer surplus of diamonds.

c) People will always pay more for a diamond than they do for water.

d) Producer surplus exceeds consumer surplus for water.

As the minimum wage increases, ________.

a) incomes, especially of single parents, increase

b) employment increases

c) the competition for jobs increases

d) poverty is eliminated

The market clearing price is ________.

a) the lowest price that you are willing to pay

b) the price which creates an excess demand

c) the price which creates an excess supply

d) the price which eliminates all excess quantities supplied or excess quantities demanded

Suppose that you are evaluating the market for Kellogg's cereal. The prices of Post and General Mills cereals increase. What will happen to Kellogg's cereals?

a) The demand for Kellogg's cereals increases causing the price to rise.

b) The quantity supplied of Post cereals will decrease since General Mills prices rose.

c) The demand will increase and prices fall.

d) The quantity demanded of Post and General Mills cereals will increase.

Quantity demanded ________.

a) is the amount of a good a consumer is willing and able to purchase at a given price

b) is identical to the quantity supplied

c) is a downward sloping curve

d) is the amount equal to what producers are willing and able to produce at given prices

The market clearing price is ________.

a) the lowest price that you are willing to pay

b) the price which creates an excess demand

c) the price which creates an excess supply

d) the price which eliminates all excess quantities supplied or excess quantities demanded

Which of the following will cause the production possibilities frontier to shift outward?

a) an increase in the size of the labor force

b) a decrease in the unemployment rate

c) a decrease in the size of the capital stock

d) an inefficiency that has been corrected

Reference no: EM13243709

Questions Cloud

Difference in mean hdl levels : The data are shown below. Generate a 95% confidence interval for the difference in mean HDL levels between men who exercise regularly and those who do not.

State residual entropy associated with typical dna molecule : An average human DNA molecule has 5 X 10^8 binucleotides (rungs on the DNA ladder) of four different kinds. If each rung were a random choice of one of these four possibilities, what would the residual entropy associated with this typical DNA mole..

Explain the difference between nominal and real gdp : Explain the difference between nominal and real GDP, andprovide a numerical example with your own numbers of how nominalGDP can be converted to real GDP.

What is the composition of the mixture : The speed of a longitudinal wave in a mixture of helium and neon at 300k was found to be 758m/s. what is the composition of the mixture

Suppose that you are evaluating the market for kellogg : Suppose that you are evaluating the market for Kellogg's cereal. The prices of Post and General Mills cereals increase. What will happen to Kellogg's cereals?

How much money will mary have on december 1 : mary will deposit $30 a month beginning march 1 and continuing through november 1. she will withdraw the money on december 1. if the bank pays 1/2% interest each month, how much money will she have on december 1

Find the frequency of circling : An electron with kinetic energy 1.52 keV circles in a plane perpendicular to a uniform magnetic field. The orbit radius is 22.0 cm, Find the frequency of circling

Difference between the bmi for boston residents : Based on comparing the computed statistic to the critical value which of the following is true and BMI for Boston residents is significantly different than 25.

What will be the resulton the market for oil in the us : Suppose that more companies receive permission to drill foroil in Alaska and U.S.-controlled waters. In addition, assume thatthe popularity of SUV's declines in favor ofsmaller, more fuel efficient automobiles.

User Account

All Pages