If the price of golf balls increases, what will likely happen to the demand for golf club manufacturing employees?
A. It will stay the same.
B. It will increase.
C. It will decrease.
D. Nothing, the two are not related.
Answer: B
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The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed's opportunity cost of selling is $135 and Luis' valuation of the good is $185 . If each gains $25 from this transaction, which of the following conclusions can be drawn?
a. Transaction costs are zero. b. Luis has higher bargaining power than Ed. c. Ed has higher bargaining power than Luis. d. Transaction costs are positive.
Let's play Jeopardy. The answer is: Because more goods are produced at lower prices and no country loses. The question is:
a. Why do countries engage in dumping? b. Why do countries retaliate? c. Why do nations trade? d. Why is comparative advantage preferred to absolute advantage? e. Why is absolute advantage preferred to comparative advantage?
A well-functioning market will have high monetary costs applied to high opportunity costs
a. True b. False Indicate whether the statement is true or false
A prolonged recession in Europe should decrease the
a. supply of U.S. dollars. b. demand for U.S. dollars. c. supply of U.S. goods and services. d. demand by Americans for euros.