The Trade Adjustment Assistance Act is focused mainly on assisting:
A. U.S. firms to establish export markets around the world
B. Other nations to become familiar with, and adjust to, U.S. products
C. Workers displaced by imports or plant relocations abroad
D. Businesses who wish to globalize and compete in the world market
C. Workers displaced by imports or plant relocations abroad
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If consumers view the output of any firm in a market to be identical to the output of any other firm in the market, the demand curve for the output of any given firm
A) will be identical to the market demand curve. B) will be horizontal. C) will be vertical. D) cannot be determined from the information given.
A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be included in the total cost of the business?
A. The cost of ice cream cones B. The cost of the truck C. The opportunity cost of the student’s time D. All of these would be included in total cost.
Which theory asserts that when the costs of becoming informed and voting are too high, people will not vote in an election?
a. Theory of rational ignorance b. Median voter theory c. Normative political theory d. Theory of majority rule
Suppose the demand curve and the supply curve in a market are both linear, and suppose the price elasticity of supply is 0.5 . Will the deadweight loss from a $3 tax per unit be larger if the price elasticity of demand is 0.3 or if the price elasticity of demand is 0.7?