The four criteria for economic integration include trade flows, capital flows, people flows, and the similarity of prices in separate markets
Indicate whether the statement is true or false
TRUE
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In the short run, the fixed costs of a firm:
A. can sometimes be avoided in the short run. B. are irrelevant in deciding whether to shut down production. C. are equal to zero when quantity produced is zero. D. are all the costs it incurs when it produces some positive quantity.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An economist would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
Unit excise taxes imposed on gasoline, alcohol, and cigarettes are
A) largely paid by the producers because they want to maintain their level of sales. B) largely paid by consumers because they are not very responsive to price changes. C) shared equally between the producer and the consumer. D) paid by the wholesalers of these products.
What do you mean by the term 'equilibrium wage'? a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish. b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups. c. It is a wage at which the workers refuse to offer labor
d. It is a minimum possible rate that an employer must pay in order to hire a labor. e. It is a wage at which there is an excess supply of workers.