The higher the value for the index of intra-industry trade:
a. the lower total trade is for other products.
b. the greater percentage of trade in that good is intra industry.
c. the more we should be concerned about job loss and outsourcing.
d. the higher the gains from trade.
Ans: b. the greater percentage of trade in that good is intra industry.
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The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit?
A) $10.00 B) $24.92 C) $31.61 D) $50.00
The figure above provides information for a factory that produces chemicals that pollute a waterway. The waterway is used by water skiers. If the waterway is owned by a water ski club and the Coase theorem applies, then the factory will produce ________ tons of chemicals a week.
A) 1 ton B) as many tons as possible C) 3 tons D) 5 tons
Which of the following will not cause a shift in the medical care supply curve?
a. a change in the cost of medical school tuition. b. a change in the percentage of the population with health insurance. c. an change in the amount of student aid available to promising undergraduate students studying biology. d. A change in the number of high-profile medical malpractice lawsuits brought against physicians increasing the premiums on malpractice insurance. e. A wave of union activity that increases the average salaries of nurses nationwide.
The basic problem addressed in economics is
a. scarce resources and unlimited wants b. scarce wants and unlimited resources c. cost minimization d. how to manage a financial portfolio e. unlimited time and unlimited potential