A tax that is imposed by the importing country when an imported good crosses its international boundary is called
A) an import quota.
B) dumping.
C) a voluntary export restraint.
D) a tariff.
D
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In the short run, if marginal product is at its maximum, then
A) average variable cost is at its minimum. B) total cost is at its maximum. C) marginal cost is at its minimum. D) average cost is at its minimum.
The optimal amount of pollution is not zero because
A) it has been found that pollution in moderate amounts actually has positive benefits. B) there are no benefits to anyone from having zero pollution. C) zero pollution would be too costly. D) we don't have the political structure that could accomplish the goal.
Consider a PPC with automobiles on the vertical axis and cotton on the horizontal axis. The discovery of a new fertilizer that improves crop yield will shift:
a. the vertical intercept up but will not shift the horizontal intercept. b. the horizontal intercept to the right but will not shift the vertical intercept. c. the horizontal intercept to the left and the vertical intercept upward. d. the vertical intercept downward and the horizontal intercept to the right. e. neither the horizontal intercept nor the vertical intercept.
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L=6,Q=147) and (L=7,Q=184). The marginal product of the seventh worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 184 units of output.