Countries like Argentina and Australia protect agriculture less heavily than other agricultural producers because
A) they have a large comparative advantage in production.
B) it is illegal under WTO rules.
C) they do not have significant agricultural sectors.
D) they are trying to help other countries.
A
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Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the economic profit in thousands of dollars for a high-price or a low-price strategy. Firm X? High PriceLow PriceFirm YHigh priceA = $625A = $725??B = $625B = $475?Low priceA = $475A = $400??B = $725B = $400If both firms operate independently and do not collude, the most likely economic profit is
A. $625,000 for firm X and $625,000 for firm Y. B. $475,000 for firm X and $725,000 for firm Y. C. $400,000 for firm X and $400,000 for firm Y. D. $725,000 for firm X and $475,000 for firm Y.
Intel and AMD are a duopoly that produces CPU chips. Intel and AMD can conduct R&D or they cannot conduct R&D. The table above shows the payoff matrix for the two firms. AMD is playing a tit-for-tat strategy and Intel did not conduct R&D last
Then, of the following answers, Intel's total profit for the next two periods is the highest if Intel ________ R&D this period and ________ R&D next period. A) conducts; conducts B) does not conduct; conducts C) conducts; does not conduct D) does not conduct; does not conduct E) conducts; either conducts or does not conduct because the profit is the same in either case
Someone in Germany has just ordered a U.S. car to be exported to Germany. In the U.S. balance of payments, this purchase is a(n)
A) accounting identity. B) special draw. C) surplus item. D) deficit item.
If Gary has budget constraint A, and the price of milk is $3 a gallon, what is Gary's income?
This graph shows three different budget constraints: A, B, and C.
A. $9
B. $27
C. $12
D. Cannot answer this without knowing the price of soda.