Obama was suggesting that a job would be lost if the T-shirt were cheaper because
A. there would be no international trade.
B. firms making dress shirts would go out of business.
C. it would require the U.S. government to impose tariffs.
D. the firm producing the shirt would go out of business.
E. it would be produced in another country.
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A professional basketball franchise is trying to assemble a parcel of land to build an arena. There are 25 houses on the land the franchise needs. In this case,
A) eminent domain can reduce transactions costs and make a pie-increasing arena possible. B) eminent domain can reduce the likelihood of holdouts and make a pie-increasing arena possible. C) eminent domain is not called for as the land can probably be acquired more efficiently through bargaining. D) Both A and B are correct.
If a firm's marginal revenue exceeds its marginal cost, it should
a. raise its price b. advertise more c. lay off a few employees d. cut back its overhead e. increase its output
Changes in government spending or taxes designed to stimulate the economy are examples of
a. fiscal policy b. monetary policy c. supply management policy d. classical policy e. regulatory policy
When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is:
A. elastic. B. perfectly elastic. C. inelastic. D. unit elastic.