The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of dresses that Becky can make in a day is represented by point:
A. V
B. W
C. T
D. U
Answer: B
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Structural unemployment usually lasts ________ period of time ________ unemployment
A) a longer; than frictional B) a shorter; than frictional C) a shorter; than seasonal D) a shorter; than cyclical E) the same; as cyclical
Economic profits are maximized at the point at which
A) marginal revenues equal marginal costs. B) accounting profit exceeds economic profit. C) total revenues are greater than total costs. D) accounting profits are equal to zero.
The World Trade Organization is designed to do the following except:
A. monitor trade agreements. B. promote free trade internationally. C. enforce trade agreements between nations. D. ensure that trade doesn’t adversely affect the environment.
Refer to Figure 18.1. With free trade, what is the equilibrium price of gloves in Duckland?
A. $0 B. $8 C. $9 D. $11