Recall the Application about the marginal cost involved in producing crude oil to answer the following question(s).Recall the Application. Which country has the highest marginal cost of extracting oil?
A. Saudi Arabia
B. Russia
C. United Arab Emirates
D. Canada
Answer: D
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Policymakers in a country with a balance of payments surplus may not want to see their country's currency appreciate because this would
A) hurt consumers in their country by making foreign goods more expensive. B) hurt domestic businesses by making foreign goods cheaper in their country. C) increase inflation in their country. D) decrease the wealth of the country.
Drug companies are allowed to be monopolists in the drugs they discover in order to
a. increase the availability of expensive but useful medications. b. increase the overall welfare of society through better health because drug companies continually produce better medications. c. encourage research. d. All of the above are correct.
Evidence of discrimination in labor markets
a. applies only to race and gender. b. is conclusively identified by large differences in average wages rates between men and women. c. is difficult to verify by reference to differences in average wage rates. d. is more easily identified on the basis of race than gender.
Suppose that there are five firms in a market, each controlling 20% of the market. The HHI would equal:
A. 10. B. 100. C. 1,000. D. 2,000.