Which of the following does the United States import?
a. cotton
b. wheat
c. oil seeds
d. zinc
e. barley
D
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Which of the following is clearly being sold below cost?
A) 2-for-the-price-of-one theatre tickets B) Senior-citizens discounts on meals at the local diner C) The free software included in the purchase of a new personal computer D) The magazine subscription offering 30% off the regular newsstand price E) None of the above.
Brett, who is a chef, divides his time between fishing and cooking meals. His production set is described by the equation , where is the number of salmon he catches and y the number of meals he cooks. If Brett catches 5 salmon and cooks 2 meals,
a. he is overusing his resources. b. the result is economically efficient. c. the result is economically inefficient. d. he is achieving the best possible outcome.
If the demand for widgets is inelastic, revenues will ________ if the price of widgets increases.
A. remain the same B. increase C. fall D. one cannot tell what will happen to revenues without specific elasticity numbers
If a perfect competitor is taking an economic loss of $22,000, the firm is
A. probably in the short run. B. probably in the long run. C. definitely in the short run. D. definitely in the long run.