For the most part, trade between many countries:
A. is entirely unregulated or free.
B. causes the well-being of some nations to win and others to lose.
C. is regulated or restricted in some way.
D. is free, with the notable exception of China.
Answer: C
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Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55
The above table shows some cost data for Tracey's Tents. What is the average fixed cost when 4 tents are produced?
A) $50.00 B) $12.50 C) $25.00 D) $37.50
Which of the following does NOT describe an advantage of experiments?
A. With experiments, it is easier to determine whether people's choices are consistent with standard economic theory. B. With experiments, it is often easier to establish causality. C. With experiments, researchers can double check their assumptions and conclusions by testing and debriefing subjects. D. It is generally cheaper to conduct experiments than it is to compute mathematical models.
On average, countries that have a larger degree of economic freedom tend to have
a. higher per capita income levels, but slower rates of economic growth, than countries with less economic freedom. b. lower per capita income levels, but more rapid rates of economic growth, than countries with less economic freedom. c. both higher per capita income levels and more rapid growth rates than countries with less economic freedom. d. both lower income levels and slower growth rates than countries with less economic freedom.