Refer to the given data. If the prices of labor and capital are $9 and $15 respectively, and labor and capital are the only inputs, the firm's economic profits will be:
A. $102.
B. $82.
C. $67.
D. $28.
A. $102.
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Figure 3-2
In Figure 3-2, the production possibilities frontier has a bowed-out shape because of the law of
A. decreasing costs. B. increasing costs. C. demand. D. comparative advantage.
A ________ is owned by its stockholders
A) sole proprietorship B) partnership C) corporation D) All of the above are correct.
The price of domestic goods in terms of foreign goods is referred to as
A) the nominal exchange rate. B) the relative inflation rate. C) the real exchange rate. D) the current account balance.
U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed annual costs on American consumers of
A) $2,000,000. B) $1,500,000. C) $1,000,000,000. D) $200,000. E) $370,000.