If the price of TVs produced by XYZ-TV Company falls from $1,000 to $750 per TV set, then the:
A. supply of labor to the XYZ-TV Company increases.
B. supply of labor to the XYZ-TV Company decreases.
C. demand for labor by the XYZ-TV Company decreases.
D. demand for labor by the XYZ-TV Company increases.
Answer: C
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If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
All of the following are sources of comparative advantage except
A) technology. B) climate and natural resources. C) a strong foreign currency exchange rate. D) relative abundance of labor and capital.
The gravity model offers a logical explanation for the fact that
A) trade between Asia and the U.S. has grown faster than NAFTA trade. B) trade in services has grown faster than trade in goods. C) trade in manufactures has grown faster than in agricultural products. D) Intra-European Union trade exceeds international trade by the European Union. E) the U.S. trades more with Western Europe than it does with Canada.
Total utility is best defined by which of the following?
a. The total satisfaction received from consuming a particular amount of a product b. The additional satisfaction received from consuming one more unit of a product c. The maximum amount of satisfaction from consuming a product d. The change in marginal utility multiplied by the price of a product