Australia is a net exporter of wool, free trade will benefit the ________.
A. domestic consumers
B. poor citizens of the Australia
C. domestic producers
D. rich citizens of the Australia
Answer: C
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Adam Smith's book, Wealth of Nations was published at the time of the
Lori plans to buy a convertible this weekend. Her two favorite cars are the BMW, which would give her 160,000 utils of satisfaction, and the Mitsubishi Eclipse Spyder, which would give her only 124,000 utils of satisfaction. The BMW that she wants sells for $37,220, while the Mitsubishi sells for $28,200 . She can afford either car
a. Which car will she buy in order to maximize her utility? b. To what price will her second choice have to fall to get her to make her first choice?
The movement of workers between jobs, firms, and industries is called:
A. the demand for labor. B. the supply of labor. C. diminishing returns to labor. D. worker mobility.
One of the problems created by price floors set above the equilibrium is:
A. the effect on firm profitability. B. firms don't have incentives to reduce costs. C. the creation of surplus. D. how to cope with the shortages.