If taxes fall and foreign income falls, what will happen to output, ceteris paribus?
A) It will rise.
B) It will stay the same.
C) It will fall.
D) It is uncertain what will happen.
Ans: D) It is uncertain what will happen.
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A right-to-work law is
A) a federal law making the closed shop illegal. B) a federal law making the union shop illegal. C) a state law making the union shop illegal. D) a state law making the open shop illegal.
Four firms control the market for a particular good, resulting in an HHI of 6,550. Total industry sales are $1,750, and it is known that one firm has sales of $1,400 and another sales of $175. If each of the remaining two firms has the same sales, then we can conclude that the remaining two firms each have a market share of:
A. $90. B. $200. C. 0.20. D. 6,550.
Refer to the table below. If the price per unit of labor were to increase from $2 to $3, the most efficient production technique would then be:
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
A. A
B. B
C. C
D. D
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Dan should specialize in both sandwiches and smoothies. B. Dan should specialize in smoothies, and Tracy should specialize in sandwiches. C. Dan should specialize in sandwiches, and Tracy should specialize in smoothies. D. Tracy should specialize in sandwiches and smoothies.