Judging from the circular flow diagram, which of the following might be sold in a factor market?
a. a gourmet meal
b. the services of a medical doctor
c. automobiles
d. admission to an amusement park
b. the services of a medical doctor
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Complete the following table
Energy Drinks Consumed per Week Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00
Reputations:
A. are generally not important in economic decisions. B. influence a wide variety of important economic decisions. C. represent manifestations of the winner's curse. D. always lead to Nash disequilibriums.
When can a country gain a price advantage on imports by imposing a tariff?
a. when it is the largest country with absolute advantage in all goods b. when it has a comparative advantage in the production of all goods c. when it can do so without other countries retaliating with tariffs d. when trade agreements prohibit quotas but permit tariffs
Since 1950, the balance of trade for United States has
A) gone from a surplus to a deficit. B) gone from a deficit to a surplus. C) remained constant. D) gone from a small deficit to a larger deficit.