Graph If this is a trading (open) economy, quantity supplied of cars (in thousands) by the domestic producers will be:
a. 20
b. 40
c. 60
d. 80
a. 20
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In an environment of tournament pay, it is quite likely that marginally more productive employees will receive
a. less than their marginal revenue product, while less productive employees receive more than theirs. b. more than their marginal revenue product, while less productive employees receive less than theirs. c. more than their marginal revenue product, as do less productive employees. d. less than their marginal revenue product, as do less productive employees.
Which is not a good method of providing public type goods by private means?
A. Clubs B. Free markets with competing entrepreneurs C. Funding by donation D. Private contracts
Suppose Country A is better than Country B at producing all goods. Which of the following statements is true?
A. Country A's superior productivity will lead to higher domestic prices, so trade between the two countries could only benefit Country A. B. As long as the opportunity cost of producing the goods differs between the countries, there will still be opportunities for mutually beneficial trade. C. Trade between Country A and Country B is likely only to benefit Country B since it does not have the productivity advantage that Country A does. D. Country A will have a lower opportunity cost than Country B for the production of all goods.
Nominal gross domestic product is based on:
a. the existing prices at which final goods and services are actually sold. b. prices of final goods and services adjusted for inflation. c. prices at which intermediate goods are sold. d. none of these.