Refer to Table 2-20. If the two countries specialize and trade, who should export rice?
A) They should both be exporting rice.
B) Thailand
C) Japan
D) There is no basis for trade between the two countries.
C
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To increase its profit, a perfectly competitive firm will produce more output when
A) price is greater than average fixed cost. B) price is greater than marginal cost. C) marginal cost is less than average total cost. D) average variable cost is greater than average fixed cost. E) price is greater than average variable cost.
We would expect the cross price elasticity of demand between digital cameras and film cameras to be positive
Indicate whether the statement is true or false
Explain why GDP was never intended to be a measure of social well being
In recent years, the Canadian province of British Columbia has increased its carbon tax. Which of the following statements is correct?
a. Despite the increase in the carbon tax, emissions of greenhouse gases in British Columbia have continued to increase at a rapid rate. b. Along with the increase in the carbon tax, British Columbia has decreased income-tax rates on individuals and corporations. c. Few, if any, economists favor carbon taxes such as the one that British Columbia has imposed. d. All of the above are correct.