If a firm has no ______ costs, then the profit from shutting down is zero.
A. fixed
B. variable
C. opportunity
D. sunk
D. sunk
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What does a positive U.S. capital inflow signify?
a. Nothing b. That the government is running a budget deficit c. That more funds were invested in the U.S. by foreigners than the U.S. invested abroad during a given time period d. That the U.S. is running a trade surplus e. The U.S. net exports are positive
While waiting in line to buy two tacos at 75 cents each and a medium drink for 80 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Jordan, the marginal cost of purchasing the third taco would be
A) 75 cents. B) zero. C) 80 cents. D) 20 cents.
Assuming a firm is selling its output in a purely competitive market, its resource demand curve can be determined by
A. multiplying total product by product price. B. dividing total revenue by marginal product. C. comparing marginal product with various possible input prices. D. multiplying marginal product by product price.
The voluntary export restraint that the United States negotiated with Japan:
a. violated provisions of the GATT that encouraged countries to avoid using quotas. b. exploited a loophole in the GATT because the quota was administered by the exporting country. c. did not allow U.S. auto producers to raise their prices. d. did not impose any deadweight losses on the United States