Currently (2009) farm employment is about:
A. 15.8 percent of total employment.
B. 9.4 percent of total employment.
C. 1.1 percent of total employment.
D. 1.8 percent of total employment.
Answer: C
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If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then profit maximization is achieved when the monopoly sets price equal to
A) 16. B) 21. C) 25. D) 58.
Firms should stop borrowing funds
A. as soon as the bank raises the interest rate. B. when the MRP of borrowed funds is equal to the cost of borrowing. C. whenever the future of the firm looks gloomy. D. if their debts are more than 25 percent of the value of the firm.
Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $8; Kyle's cost per ton is $12. Refer to the information given and assume that
the market price of sockeye salmon is $15 per ton. If Kara pays Kyle $5 per ton for his ITQs, and if she then catches her new limit of 4,000 tons, their combined profit would be: A. $18,000. B. $22,000. C. $20,000. D. $4,000.
Economists see the greenhouse effect as
A. having only negative economic consequences. B. having both negative and positive economic impacts. C. having only positive economic consequences. D. having no economic consequences.