U.S. producers decide to produce more compact cars and fewer SUVs as the price of gasoline rises. Producers are answering the ________ part of one of the two big economic questions
A) "what"
B) "how"
C) "when"
D) "how many"
A
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Refer to Figure 9-1. Under autarky, the deadweight loss is
A) $0. B) $30. C) $15. D) $40.
Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is the marginal benefit for each unit of paper products produced?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $16.50
B) $3.00
C) $10.50
D) $13.50
Large or persistent inflation is almost always caused by
a. excessive government spending. b. excessive growth in the quantity of money. c. foreign competition. d. higher-than-normal levels of productivity.
Which of the following unfair trade remedies is used LEAST often?
a. antidumping duties b. countervailing duties c. safeguard or escape clause duties d. antidumping and countervailing duties.