Recall the Application about the attempt to form a salt cartel in the 19th century to answer the following question(s).Recall the Application. One of the primary goals of the salt producers who tried to form a cartel was to:
A. establish a uniform price for salt.
B. boost the demand for salt.
C. establish an export market for salt.
D. increase competition in the market for salt.
Answer: A
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Indicate whether the statement is true or false
Which of the following represents a positive supply shock, a negative supply shock, a positive demand shock, or a negative demand shock?
a. The government unexpectedly doubles all personal income tax rates. b. A newly discovered infectious disease shuts down all international ports indefinitely. c. Major technological progress occurs in the market for green energy. d. An earthquake wipes out 60% of the manufacturing capacity of an economy. e. The government unexpectedly eliminates the inheritance tax and the capital gains tax on sales of stocks and bonds.
If an American-based firm opens and operates a new clothing factory in Honduras, then it is engaging in
a. foreign portfolio investment. b. foreign financial investment. c. foreign direct investment. d. indirect foreign investment.
Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm earns an accounting profit of:
A. $500,000 and an economic profit of $200,000 B. $400,000 and an economic profit of $200,000 C. $300,000 and an economic profit of $400,000 D. $200,000 and an economic profit of $500,000