Suppose the demand for cigarettes was P = 100 - 5Q, and the supply for cigarettes was P = 5Q. The market equilibrium price in this market would be:
A. $100
B. $20
C. $5
D. $10
Answer: D
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The effect that a gift given to a U.S. citizen from a foreign resident will have on the balance of payments is to
A) increase the current account balance. B) have no effect on the balance of payments if the gift was made in the U.S. C) have no effect on the balance of payments if the gift was made by a foreign country. D) decrease the balance of payments.
Pollution will decrease when firms are forced to internalize externalities as a production cost.
Answer the following statement true (T) or false (F)
Nancy's Nail Salon employs five workers. Each worker works eight hours per day. The five workers are able to serve 20 customers per day. The labor productivity is therefore ________ customer(s) per person/hour.
A. 0.5 B. 1 C. 2 D. 4
Given its size, the United States does not have to worry about limitations on resources.
Answer the following statement true (T) or false (F)