Which of the following is NOT an example of intraindustry trade?
A) Trading Jeeps for Toyotas
B) Trading Boeing airplanes for Airbus airplanes
C) Trading Bush beer for Heineken beer
D) Trading oil for trucks
D
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Suppose a good can be produced using commonly available resources. The elasticity of supply is
A) negative. B) greater than zero but less than 1. C) greater than 1. D) zero. E) More information is needed to make a determination about the size of the elasticity of supply.
If total spending rises from one year to the next, then which of the following could not be true?
a. the economy is producing a smaller output of goods and services, and goods and services are selling at higher prices. b. the economy is producing a larger output of goods and services, and goods and services are selling at lower prices. c. the economy is producing a larger output of goods and services, and goods and services are selling at higher prices. d. the economy is producing a smaller output of goods and services, and goods and services are selling at lower prices.
Which statement is true?
A. Price is calculated by dividing output by total revenue. B. The lowest point on the short-run supply curve is at the break-even point. C. When price exceeds marginal cost, a profit-maximizing firm will decrease production. D. The marginal cost curve intersects the average total cost curve at the break-even point.
The CPI equals 1.00 in year one and 1.05 in year two. If the nominal wage is $15 in year one and a contract calls for the wage to be indexed to the CPI, what will be the nominal wage in year two?
A. $15.00 B. $15.75 C. $14.29 D. $16.05