If Utopia opened itself to trade it would
A. export 450 cases of tile per year.
B. import 150 cases of tile per year.
C. export 100 cases of tile per year.
D. import 250 cases of tile per year.
Answer: D
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In the absence of recurring fixed costs, a monopolist will always produce a positive output quantity.
Answer the following statement true (T) or false (F)
When tastes are quasilinear in leisure, which of the following is true:
A. The wage elasticity of labor supply is zero. B. The wage elasticity of labor supply is positive. C. The wage elasticity of labor supply is negative. D. The wage elasticity of demand is negative. E. Both (a) and (d). F. Both (b) and (d). G. Both (c) and (d).
The figure above shows the demand and cost curves for a single-price monopoly. What level of output maximizes the firm's economic profit?
A) 0 units B) 20 units C) 30 units D) 50 units
Maximizing output by following the principle of comparative advantage requires
a. specialization only b. exchange only c. both specialization and exchange d. neither specialization nor exchange e. either specialization or exchange, but not both