Refer to the information provided in Figure 20.4 below to answer the question(s) that follow.
Figure 20.4Refer to Figure 20.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. With free trade domestic production is
A. 0.
B. 100.
C. 150.
D. 300.
Answer: B
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A total product curve shows the
A. aggregate output of many firms in an industry. B. amount of product consumers will take off the market. C. maximum amount of product that it is technically possible to produce. D. relationship between units of inputs and total output.
Monetarists reject the idea that velocity is not constant. Nonetheless, they believe that it is still highly predictable, well-behaved, and dependent on the money supply
Indicate whether the statement is true or false
Which of the following statements about the term of a bond is correct?
a. Term refers to the various characteristics of a bond, including its interest rate and tax treatment. b. The term of a bond is determined entirely by its credit risk. c. The term of a bond is determined entirely by how much sales charge the buyer of the bond pays when he or she purchases the bond. d. Interest rates on long-term bonds are usually higher than interest rates on short-term bonds.
Billy Bob runs a seafood restaurant. Last year he earned $50,000 in revenue. He had explicit costs of $20,000. Billy Bob could have made $30,000 working for the county and could have received an additional $20,000 if he rented out his building and equipment. Calculate Billy Bob's implicit costs.
a. $20,000 b. $30,000 c. $50,000 d. $70,000