Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 40 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier.
B) inside Dina's production possibilities frontier.
C) outside Dina's production possibilities frontier.
D) at the vertical intercept of Dina's production possibilities frontier.
A
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The short-run Phillips curve shifts from SRPC0 to SRPC1 as a result of
A) a fall in the expected inflation rate. B) an increase in the natural unemployment rate. C) a rise in the expected inflation rate. D) a decrease in the natural unemployment rate. E) None of the above answers is correct.
Suppose the total cost of producing 40,000 flash drives is $120,000, and the fixed cost is $30,000
a. What is the variable cost? b. When output is 40,000, what are the average variable cost and the average fixed cost? c. Assuming the cost curves have the usual shape, is the dollar difference between the average total cost and the average variable cost greater when the output is 40,000 flash drives or when the output is 60,000 flash drives? Explain.
Canada produces MP3 players and lumber, and the horizontal axis for Canada's production possibilities frontier represents the amount of lumber produced
Canada's borders are not initially open to trade, and the country consumes along its production possibilities frontier where the MRT and MRS equal the price ratio for the two products ($200 per 1,000 board-feet of lumber versus $100 per MP3 player). If Canada opens its borders to trade with China at world prices for the two goods ($300 per 1,000 board-feet of lumber and $100 per MP3 player), what happens in the Canadian economy? A) Canada will shift consumption along the original production possibilities frontier until MRT equals the world price ratio, and Canadians will consume less lumber and more MP3 players. B) Canada will shift consumption along the original production possibilities frontier until MRT equals the world price ratio, and Canadians will consume more lumber and less MP3 players. C) Canada will be able to trade with China, and the gains from trade allow Canada to afford bundles of the two goods that do not lie along the country's production possibilities frontier. D) Canada may trade with China, but we do not have enough information to determine how the opening of the border will affect the trade decisions.
Interlocking directorates are illegal under the ____ whether or not the effect may be to substantially lessen competition.
A. Clayton Act B. Robinson-Patman Act C. Sherman Antitrust Act D. Federal Trade Commission Act