An increase in income in other countries, other things equal, would cause U.S. _____
a. exports to decrease and imports to increase
b. exports to increase and imports to increase
c. imports to decrease and exports to decrease
d. imports to increase and exports to remain unchanged
e. imports to remain unchanged and exports to increase
e
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The table above gives the demand schedule for snow peas. If the price of snow peas falls from $4.00 to $3.00 a bushel, total revenue will
A) increase because demand is elastic in this range. B) decrease because demand is elastic in this range. C) increase because demand is inelastic in this range. D) decrease because demand is inelastic in this range.
Total fixed cost divided by the level of output yields
a. average variable cost per unit b. average fixed costs per unit c. marginal cost per unit d. average total cost per unit e. marginal productivity per unit of fixed resource
Under which one of the following market structures are firms most likely to enter into a price-fixing agreement designed to maximize their joint profit?
a. price-taker markets with low entry barriers b. pure monopoly c. price-searcher markets with low entry barriers d. oligopoly
The creation of the corporation is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. none of the above e. all of the above