Water quality in the United States has ____ in the past 25 years.
A. improved
B. worsened
C. remained unchanged
D. improved slightly before a recent deterioration
Answer: A
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Suppose that Country A has an absolute advantage over country B in the production of both wheat and cloth. The opportunity cost of 1 unit of wheat is 2 units of cloth in Country A and 3 units of cloth in Country B. If each country specializes in producing the good in which it is relatively more efficient and then trades for the other good, it follows that
a. all the resulting gains in consumption will go to Country A. b. all the resulting gains in consumption will go to Country B. c. each country will experience half the resulting gains in consumption. d. the allocation of the resulting consumption gains will be determined by bargaining between the two countries.
Which of the following would NOT be a sign that China wants to become a high technology producer?
A) More patents are being sought and granted in China B) Large spending on infrastructure C) Rapid expansion of science, engineering and research D) Less emphasis on education spending
If the price elasticity of supply of doodads equals 0.50 and the price rises by 3 percent, then the quantity supplied of doodads will rise by ____
a. 0.50 percent. b. 1.50 percent. c. 6.00 percent. d. 15 percent.
Suppose a monopolist offers a $20 mail-in rebate on an item with a list price of $100. In order for the rebate to be a perfect hurdle, it must be the case that:
A. buyers use the rebate if and only if they have a reservation price between $80 and $100. B. buyers use the rebate if and only if their cost of filling out the rebate is less than $20. C. all buyers with a reservation price greater than $80 use the rebate. D. some buyers with a reservation price greater than $80 use the rebate.