Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) 5 units B) 10 units C) 15 units D) 20 units
B
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Attractive landscaping increases the property values of surrounding homes, creating a marginal benefit. The figure above represents the market for monthly landscaping contracts
a) What is the marginal social benefit of the 40th contract? Of the 60th contract? b) What is the marginal private benefit of the 40th contract? c) What is the marginal external benefit of the 40th contract? d) What is the unregulated competitive equilibrium price and quantity? e) What is the efficient quantity? f) What is the amount of the deadweight loss?
If Mexico has a comparative advantage in oil compared to the U.S., it means that the opportunity cost of producing oil in Mexico is
a. relatively high b. relatively low c. zero d. infinite e. higher than in the U.S.
Which growth theory predicts perpetual growth?
A) classical growth theory B) neoclassical growth theory C) new growth theory D) None of the above answers is correct.
The ordering of market structures from most market power to least market power (where market power is the ability to set its own price) is:
a. monopoly, monopolistic competition, oligopoly, perfect competition. b. perfect competition, monopolistic competition, oligopoly, monopoly. c. oligopoly, monopoly, monopolistic competition, perfect competition. d. monopoly, oligopoly, monopolistic competition, perfect competition. e. monopoly, perfect competition, monopolistic competition, oligopoly.