As the U.S. recession was developing in the summer of 2008, oil prices peaked near
A. $110 per barrel.
B. $140 per barrel.
C. $60 per barrel.
D. $30 per barrel.
Answer: B
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If the two individuals' indifference curves through their endowment bundles are tangent to one another at the endowment bundle (in the Edgeworth Box), then the endowment bundle is a competitive equilibrium allocation.
Answer the following statement true (T) or false (F)
Schleppsi, a soft drink maker, is a monopsonist in the county where it manufactures all of the Diet Schleppsi it produces. Suppose the current daily labor cost to the firm is $35,000 with 99 workers and the total wage cost with 100 workers would be $36,000 . What will the market wage be if Schleppsi hires the 100th worker?
a. $35. b. $36. c. $100. d. $350. e. $360.
Private goods are characterized by two important attributes. What are they?
a. marginality and depletability b. scalability and desirability c. repeatability and reliability d. depletability and excludability
Which one of the following was the strategy followed by Japanese industrialists after World War II?
A. They sold low-priced goods to the low end of the American market while they rebuilt their industrial base. B. They charged Japanese consumers much lower prices than they charged American consumers, since Americans could afford to pay more for these goods. C. They sold high-priced goods to the high end of the American market, leaving the low end to Korea and Taiwan. D. They received tens of billions of dollars in aid from the U.S. government and have still not paid back a penny.