An effect of international trade is
A) the increase in the average price of goods as the cost of transportation has to be included.
B) the transmission of ideas around the world.
C) that only countries that have absolute advantage in producing a good can participate.
D) that the United States has a trade surplus.
B
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A pure monopoly will find that marginal revenue ________.
A. is less than price B. exceeds price C. is identical to price D. is sometimes greater and sometimes less than price
According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
Winner's curse is likely to happen in which of the following auctions?
A) unexplored oil reserves B) corn stored in a warehouse C) 1,000 ton of iron ore D) U.S. Treasury Bonds
Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. If they then still sell almost the same number of sodas per day, this suggests:
A. soda purchases represent a large fraction of students' budgets. B. there are few other places to purchase soda on campus. C. the price elasticity of demand for soda is equal to 1. D. students do not have good nutritional information.