For a perfectly competitive sugar producer in Haiti, a short-run economic profit will occur if the price of each ton of sugar sold is
A) greater than the average total cost of producing sugar.
B) equal to the average total cost of producing sugar.
C) less than the average total cost of producing sugar.
D) rising as more sugar is sold.
E) greater than the marginal revenue of each ton of sugar.
A
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Growth in the United States from 1800 to 1900 can be characterized as
A) positive and increasing. B) negative. C) positive and flat. D) positive and decreasing.
Tools and equipments used in production are:
a. natural resources. b. entrepreneurial resources. c. human capital. d. capital resources. e. labor resources.
With no change in fiscal policy, the budget
a. will run a surplus during a recession and a deficit during a boom. b. deficit will rise during a recession and fall during a boom. c. deficit will fall during a recession and rise during a boom. d. will remain unchanged by adverse economic conditions.
Which principle of the GATT/WTO do regional trade agreements violate?
a. the principle of first mover b. the targeting principle c. the most favored nation principle d. the principle of comparative advantage