Working efficiently, Jordan can write 3 essays and outline 4 chapters each week. It must be true that:
A. 6 essays and 0 chapter outlines would be unattainable.
B. 3 essays and 5 chapter outlines would be unattainable.
C. 2 essays and 3 chapter outlines would be efficient.
D. 4 essays and 3 chapter outlines would be both attainable and efficient.
Answer: B
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Ad valorem tariffs on imports are based on a percentage of an import's value; specific tariffs are based on a lump sum per physical unit imported
a. True b. False
One way to make consumers take a negative externality into account in their demand decision is to:
A. place a tax on the item. B. subsidize the purchase of the item. C. give suppliers a production credit. D. None of these statements is true.
As farm productivity increases faster than demand:
a. fewer farmers are required to meet demand b. the number of farmers decreases over time c. the decreasing number of farmers is good news for society because the basic economic problem is scarcity d. all of the above
For a monopoly firm,
a. price always exceeds average revenue. b. price always exceeds marginal revenue. c. any price-quantity combination will maximize profits. d. All of the above are correct.