Which of the following will cause an increase in U.S. gross exports?
A. An increase in U.S. consumer income.
B. An increase in foreign consumer income.
C. A decrease in foreign business income.
D. A decrease in foreign business investment.
Answer: B
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When the price of a good increases by 300%, the quantity supplied of the good increases from 200 units to 900 units. The price elasticity of supply of the good is:
A) 1.17. B) 1.5. C) 3. D) 4.5.
Red Stone Creamery currently hires 5 workers. When it added a 6th worker, its output actually fell. Which of the following statements is true?
A) The total product becomes negative. B) The average product of the sixth worker is negative. C) The sixth worker is not as skilled as the fifth worker. D) The marginal product of the sixth worker must be negative.
The health care system currently in place will be dramatically changed in the next four years.
A. True B. False C. Uncertain
Quotas generate tariff revenues for the government.
Answer the following statement true (T) or false (F)