Increased opportunities for trade increase production by
A. Protecting countries from competition.
B. Shifting the production possibilities curve outward.
C. Encouraging countries to be self-sufficient.
D. Improving efficiency through specialization.
Answer: D
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Refer to Figure 16-5. Suppose the firm represented in the diagram decides to practice perfect price discrimination. What is the profit-maximizing price it will charge?
A) It should charge a range of prices from $40 to $16. B) It should charge a range of prices from $40 to $12. C) $2 D) $8
An example of an excise tax is the
a. poll tax on every citizen b. property tax on real estate c. corporate income tax d. property tax on personal belongings e. unit tax on a movie ticket
What is the value marginal product of labor if: P = $10, MPL = $25, and APL = 40?
A. $10,000 B. $250 C. $400 D. $1,000
In the former Soviet Union,
A. the collective farms were more productive per acre than the private plots of land owned by peasants. B. there was no private ownership of any farmland. C. the private plots of land were more productive per acre than the large collective farms. D. the land under cultivation was equally split between private plots of land and the collective farms.