Refer to the information provided in Figure 33.5 below to answer the question(s) that follow.
Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel, and the world price of oil is $120 per barrel. If the domestic government imposes a tariff of $10 per barrel, it will
A. export 7 million barrels.
B. export 5 million barrels.
C. import zero barrels.
D. import 5 million barrels.
Answer: C
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In 2011, total output of goods and services in the United States was approximately
a. $10 trillion. b. $12 trillion. c. $15 trillion. d. $20 trillion.
Why are laws aimed at regulating monopolies called "antitrust" laws?
A) "Trust" was a word in Old English that meant monopoly in the Middle Ages. Therefore, "antitrust" is a term that means "against monopoly." B) In the late 1800s, firms in several industries formed trusts; they were called "trusts" because when corporate officials were questioned about their business they would clam that business was good for the country and that they should trusted. C) The rise of large firms (e.g., Standard Oil) in the late 1800s in the United States caused consumers to lose trust in private business. D) In the late 1800s, firms in several industries formed trusts; the firms were independent but gave voting control to a board of trustees. Antitrust laws were passed to regulate these trusts.
A country has a population of 5 million. The labor force is 3.5 million, and the number of people not working but actively looking is 140,000. What is the unemployment rate?
a. 70% b. 140,000 c. 4% d. 2.8%
Which of the following is an investment decision in a competitive market?
A. Entry or exit. B. The rate of output to produce. C. The price to charge. D. The shutdown decision.