Congress has ratified
A. both NAFTA and GATT.
B. neither NAFTA nor GATT.
C. NAFTA, but not GATT.
D. GATT, but not NAFTA.
A. both NAFTA and GATT.
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Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. What is Dave's real income in terms of magazines?
A) 20 B) 40 C) 200 D) 10
This profit-maximizing (loss-minimizing) firm produces a quantity of about ________ units.
A. 70
B. 80
C. 90
D. 100
P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below.
Suppose QRS-TV enters into an agreement with P-TV that gives QRS-TV the exclusive right to air a reality show during this time slot. QRS-TV would be willing to pay P-TV ________ in order to persuade P-TV to enter into this agreement.
A. more than $10 million B. nothing C. no more than $5 million D. no more than $10 million
Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will get Bill the correct answer?
A. subtracting total variable costs from total revenue B. calculating the product of average total cost and quantity C. subtracting the average variable cost from the total cost D. subtracting the total variable cost from the total cost