It is absolutely necessary for at least one trader to have money for barter exchange to take place
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the excess burden of a tax on luxury yachts
Suppose that the federal government provides wheat farmers with a price floor above the market equilibrium price of wheat, creating a surplus. Which of the following causes a reduction in the surplus of wheat?
a. Elimination of the price floor. b. An increase in the supply of wheat. c. An increase in the price of wheat. d. A decrease in the demand for wheat.
Limiting the immigration of highly educated professionals hurts U.S. economic growth because
What will be an ideal response?
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is the profit-maximizing sales quantity for baseball gloves?
A. 10 B. 20 C. 30 D. 60