It is likely that for most people:
A. coffee and tea are substitutes.
B. coffee and coffee mugs are substitutes.
C. coffee and Coke are complements.
D. coffee and non-dairy creamer are substitutes.
Answer: A
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Quotas are designed to:
a. restrict export of domestic goods to foreign markets. b. protect domestic producers from higher sales tax. c. increase foreign demand for domestic products. d. increase domestic demand for foreign products. e. protect domestic producers from foreign competition.
When marginal costs are increasing:
A. a firm is experiencing diminishing returns. B. average cost is always increasing. C. average cost is always decreasing. D. marginal costs are always greater than average costs.
Which of the following is an example of the free-rider problem?
A. a fast food employee who is provided food at work B. a student who refuses to buy a college catalog C. a neighbor who refuses to help pay for a street light that is intended to help reduce crime D. a law enforcement officer who receives a uniform from the police department
In the U.S. balance of payments account for a certain year, a positive number in the financial account means a:
A. net buildup of assets held by the U.S. B. net reduction in the ownership of assets by U.S. interests. C. buildup of total foreign debt. D. reduction of total foreign debt.