Net exports of goods and services are defined as the
A) value of the goods we sell to foreigners.
B) income we receive from selling goods to foreigners.
C) value of exports minus the value of imports.
D) value of exports minus the income we receive from foreigners.
E) value of exports plus the income we receive from foreigners.
C
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Answer the next question based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. How many units of output are produced when 2 workers are employed?
A. 10. B. 16. C. 24. D. 4.
The benefit of an activity is
A) the gain or pleasure that it brings. B) not measurable on the margin. C) purely objective and measured in dollars. D) the value of its opportunity cost. E) measured by what must be given up to get one more unit of the activity.
The above figure shows the payoff to two firms in an industry deciding to make an investment in worker safety. Neither firm will make the investment because
A) each can benefit from the other firm incurring the costs. B) there is no benefit to making the investment. C) each firm pays for the other firm's investment. D) society does not care about worker safety.
In a perfectly competitive industry, which of the following is a market signal to resource owners?
A) economic profits B) quality of goods C) the level of exports in the country D) the level of subsidies the industry receives