The law of supply can be stated as all else equal:
A. quantity supplied rises as price falls.
B. quantity supplied rises as price rises.
C. quantity supplied rises as income rises.
D. quantity supplied rises as income falls.
B. quantity supplied rises as price rises.
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Answer the next question on the basis of the following information about the opportunity costs of two products-fish (F) and chicken (C)-in countries Singsong and Harmony. Assume that production occurs under conditions of constant costs and these are the only two nations in the world. Finally, the opportunity costs of fish in terms of chicken are: Singsong: 1F = 2C, Harmony: 1F = 4C. Which one of the following would not be feasible terms for trade between Singsong and Harmony?
A. 1 fish for 3 chickens B. 1 fish for 2-1/2 chickens C. 1 chicken for 1/5 of a fish D. 1 chicken for 1/3 of a fish
The cost of producing a car in Germany is 2,000 bushels of wheat, and the cost of producing a car in Canada is 1,200 bushels of wheat. The two countries can both benefit if the terms of trade are
a. greater than 2,000 of wheat per car b. less than 1,200 bushels of wheat per car c. between 1,200 bushels and 2,000 bushels of wheat per car, and Germany produces wheat d. between 1,200 bushels and 2,000 bushels of wheat per car, and Germany produces cars e. between 1,200 bushels and 2,000 bushels of wheat per car, and Canada produces wheat
A tax levied on imported goods is called
What will be an ideal response?
Exhibit 11-2 Labor and output data Labor Output 0 0 1 20 2 45 3 80 4 100 5 110 In Exhibit 11-2, if product price is fixed at $5, the MRP of the third worker is equal to:
A. $35. B. $125. C. $80. D. $175.