Suppose earnings are given by E = $60 + $7(24 ? L), where E is earnings and L is the hours of leisure. How much is this person working if her daily earnings are $116?
A. 12 hours
B. 18 hours
C. 16 hours
D. 8 hours
Answer: D
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All the following are assumptions of the classical model EXCEPT
A) pure competition exists. B) buyers and sellers react to nominal money prices rather than to relative prices. C) wages and prices are flexible. D) people are motivated by self-interest.
A requirement for acquiring a related firm to generate value is
a. it be profitable b. you be profitable c. y ou will alter operations because of the acquisition d. all synergies between the firms were exploited before the acquisition
An American retailer sells dollars to obtain euros. It then uses the euros to buy ready-to-assemble furniture from Sweden. These transactions
a. increase U.S. net capital outflow because foreigners obtain U.S. assets. b. decrease U.S. net capital outflow because foreigners obtain U.S. assets. c. increase U.S. net capital outflow because the U.S. buys capital goods. d. decrease U.S. net capital outflow because the U.S. buys capital goods.
An example of an acquired comparative advantage is
A. United States consumers buying television sets produced in Japan because Japanese companies have a reputation for producing a higher-quality TV than those produced in the United States. B. the United States producing more agricultural products than other countries because land is more abundant in the United States than in other countries. C. the United States purchasing coconuts from other countries, because they cannot be produced in the United States. D. United States companies selling to other countries chemical products that cannot be sold in the United States.