The average variable cost of producing 4 posters is
a. $2.00.
b. $2.50.
c. $5.00.
d. $3.33.
b. $2.50.
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Mercantilism held that
A) silver alone was the mainstay of national wealth. B) gold alone was the mainstay of national wealth. C) silver and gold were the mainstays of national wealth. D) silver and gold are not important for national wealth of a country. E) labor forces were the mainstay of national wealth.
If you save $2,500 for a down payment on a new car, you are using money as
A) a store of value. B) a unit of account. C) a medium of exchange. D) a standard of deferred payment.
Which of the following is a false statement about absolute and comparative advantage?
a. Comparative advantage is the basis for gains from trade. b. It is possible for one country to have the absolute advantage in all goods. c. It is possible for one country to have the comparative advantage in all goods. d. To find comparative advantage, you need to consider opportunity cost. e. All of these statements are true.
If politicians decide to proceed with protection, why might economists prefer tariffs to quotas? Explain at least three reasons
What will be an ideal response?