In which section of the United States are "right-to-work" laws most prominent?
A. The Northeast
B. The West coast
C. The South
D. The Midwest
C. The South
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Comment on how extractive institutions affect:
a) the return-to-entrepreneurship schedule. b) the opportunity cost of entrepreneurship schedule. What will be an ideal response?
Refer to the above figure. Suppose the current aggregate demand is represented by AD2. If aggregate demand falls to line AD3, then
A) the new equilibrium will be at j. B) the new equilibrium will be at k. C) the new equilibrium real Gross Domestic Product (GDP) will be x. D) a new price level will be established at a.
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. If in the short run the number of firms is fixed and their fixed costs are sunk, what is the short run equilibrium quantity?
A. 100 units B. 200 units C. 50 units D. 60 units
When a country imposes tariffs, it is likely to cause
A. Lower prices for domestic production. B. Higher prices for the import-competing goods both domestically and abroad. C. Less expensive exports. D. Increased quantities of imports.