Suppose the domestic supply (QS) and demand (QD) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIf the United States can import skateboards from the rest of the world at a per unit price of $75, how many skateboards will be produced in the United States?
A. 285
B. 240
C. 165
D. 215
Answer: C
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Suppose that while vacationing in Switzerland, you won 9,375 Swiss francs, which is the equivalent of $8,000. When you return to the United States, you deposit the $8,000 into your checking account
If the required reserve ratio is 15 percent, this would increase your bank's A) assets by $1,200. B) required reserves by $8,000. C) excess reserves by $8,000. D) liabilities by $8,000.
Infant industry protection requires
A) a positive technological externality. B) a national security externality. C) time limited protection. D) Both A and B. E) Both A and C.
Utility is:
a. easily measured, because all people derive the same utility from consumption. b. easily measured, because it is an objective concept. c. easily measured, because it is a subjective concept. d. hard to measure, because it is a subjective concept. e. hard to measure, because it is an objective concept.
Economies of scale occur when a firm's
a. marginal costs are constant as output increases. b. long-run average total costs are decreasing as output increases. c. long-run average total costs are increasing as output increases. d. marginal costs are equal to average total costs for all levels of output.