Country A limits other nation's exports to Country A to 1,000 tons of coal annually. This is an example of a(n):
A. protective tariff.
B. export subsidy.
C. import quota.
D. voluntary export restriction.
C. import quota.
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A country is said to have a comparative advantage in producing a good over another country if that first country
A. is a major consumer of the good. B. can produce more units of the good. C. has a lower opportunity cost of producing the good. D. is a more efficient producer of the good.
If Harry only pays $25,000 to purchase a new car even though he would have been willing to pay as much as $35,000 for the car, this indicates that
What will be an ideal response?
Final offer arbitration
A. is particularly useful at brining both sides closer to common ground. B. provides an incentive for the union, but not the firm's management, to make a more reasonable final offer. C. rarely makes the entire bargaining process more efficient. D. provides an incentive for the firm's management, but not the union, to make a more reasonable final offer. E. would never be chosen by a public sector union if the state did not require it.
When marginal utility is zero, total utility
A. is zero. B. is maximized. C. is falling. D. is negative.