Refer to Table 2-9. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice.
B) Japan has an absolute advantage in wristwatches.
C) Japan has an absolute advantage in rice.
D) Thailand has an absolute advantage in both products.
D
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Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input, labor. Columns 2 and 3 represent the demand function facing the monopolist over this range of output: 
How much does the fifth unit of labor add to the firm's total revenue?
A. $150 B. $4,560 C. $80 D. $1.875 E. none of the above
Table 10-1 Aggregate Quantity Aggregate Quantity ? Demanded Supplied Price (billions) (billions) Level $3500 $2900 65 3400 3000 75 3350 3150 90 3250 3250 110 3100 3400 130 In Table 10-1, what is the equilibrium level of real output and the equilibrium price?
A. $3,100 real output and a price of 75 B. $3,250 real output and a price of 110 C. $3,350 real output and a price of 90 D. $3,400 real output and a price of 75
The additional pleasure or satisfaction from a good declines as more of it is consumed in a given period. This is the definition of the
A. Total revenue rule. B. Law of demand. C. Law of diminishing marginal utility. D. Law of diminishing total utility.
The Mayor of Stuckeyville is considering increasing the tax on bowling. He is confident that tax revenues will increase but recognizes the possibility that they may decrease. The mayor is engaging in
A. a policy that will cause the tax base to increase. B. a policy that will cause the tax base to remain unchanged. C. dynamic tax analysis. D. static tax analysis.