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
Answer: B
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For several years, the U.S. unemployment rate has been below the European unemployment rate. Offer a Keynesian explanation for this
What will be an ideal response?
The following figure shows the free-trade production and consumption in Country Y. AB is the production-possibility curve of Country Y. I1 is the community indifference curve of Country Y. Country Y exports
A. seventy pounds of cheese. B. fifty gallons of wine. C. fifty pounds of cheese. D. ninety gallons of wine.
You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C = 50 + 3Q2. The profit-maximizing output for your firm is:
A. 40. B. 20. C. 10. D. 30.
In a perfectly competitive labor market, the firm ________ the price of its product and ________ the wage it pays its workers.
A. takes from the market; takes from the market B. can freely set; takes from the market C. takes from the market; can freely set D. can freely set; can freely set