Transfer earnings of a factor is equal to its:
a. economic rent.
b. explicit cost.
c. actual earnings.
d. overhead cost.
e. opportunity cost.
e
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Refer to Figure 7-2. Without the tariff in place, the United States consumes
A) 12 million pounds of coffee. B) 26 million pounds of coffee. C) 33 million pounds of coffee. D) 45 million pounds of coffee.
The strengthening of the dollar between 1980 and 1985 contributed to a ________ in American competitiveness, putting pressure on the Fed to pursue a more ________ monetary policy
A) decrease; contractionary B) increase; expansionary C) increase; contractionary D) decrease; expansionary
A meatball sandwich vendor finds that when he charges a price of $6, he sells 100 meatball sandwiches. When he charges a price of $4, he sells 200 meatball sandwiches. The marginal revenue for each of the additional 100 meatball sandwiches he sells is
a. $6 b. $4 c. $3 d. $2 e. $1
A public choice theorist believes that
A) men and women in the market sector are fundamentally different people than men and women in the public sector. B) government is likely to be composed of better people than the market sector. C) high fixed costs in government influence the behavior of government workers. D) government workers are generally lazy. E) none of the above