If incomes in the United states increase, other things equal, then u.s.
What will be an ideal response?
Imports increase and exports remain constant
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Competition keeps prices lower for consumers. So why do we have patent laws?
What will be an ideal response?
A firm sells 1000 units per week. It charges $15 per unit, the average variable costs are $10, and the average costs are $25 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $10,000 per week b. Shut-down as price is lower than average cost c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs
What was the first year that Social Security revenues fell below Social Security retirement payments?
A. 2010. B. As of 2015, Social Security revenues continue to exceed Social Security retirement payments. C. 2009. D. 2014.
Which of the following is FALSE?
A) Consumer surplus increases after a tariff is placed on imports. B) Producer surplus increases after a tariff is imposed. C) Government revenue increases after a tariff is imposed. D) Deadweight losses result from tariffs.