Bliff and Harvey in 1hr. what is the absolute advantage? 1 hr. Bliff Harvey Martins 9 12 Gin 6 9
What will be an ideal response?
Harvey does has both absolute advantage
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Which of the following is not a condition required for the first welfare theorem to hold:
A. No government policy interferes with the formation of prices. B. No market actor has market power. C. Tastes are quasilinear. D. Income is distributed fairly before markets open. E. (a) and (c) F. (b) and (c) G. (c) and (d) H. (b) and (d)
Albert, Betty, and Cecile live in Norland. Their annual incomes and the amounts they pay in income tax are shown in the table below
Income Tax Albert 40,000 8,000 Betty 30,000 4,500 Cecile 60,000 18,000 The income tax in Norland is A) proportional. B) fair. C) regressive. D) progressive.
A regression analysis with ________ explanatory variables is called a ________
A) two or less; limited regression B) exactly two; binomial least squares regression C) one; dependent regression D) two or more; multivariate regression
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. Suppose the economy is closed. The equilibrium price of a car is ________ and equilibrium quantity is ________.
A. $8,000; 12,000 B. $12,000; 8,000 C. $6,000; 14,000 D. $10,000; 10,000