Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia gain compared to the "without trade" numbers?
A) 25 B) 75 C) 100 D) 125
A
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The wage rate is the price of a unit of labor. What happens to the quantity of labor supplied if the wage rate increases?
A. It increases. B. It decreases. C. It does not change. D. Uncertain-economic theory has no answer to this question.
When shopping you notice that a pair of jeans costs $20 and that a tee-shirt costs $10 . You compute the price of jeans relative to tee-shirts
a. The dollar price of jeans and the relative price of jeans are both nominal variables. b. The dollar price of jeans and the relative price of jeans are both real variables. c. The dollar price of jeans is a nominal variable; the relative price of jeans is a real variable. d. The dollar price of jeans is a real variable; the relative price of jeans is a nominal variable.
Assume that a firm's interest-rate cost-of-funds curve for R&D is perfectly elastic. Which of the following would increase a firm's optimal R&D expenditures and, in equilibrium, reduce the expected rate of return on the last dollar of R&D?
A. A rightward shift of the expected-rate-of-return curve. B. An upward shift of the interest-rate cost-of-funds curve. C. A leftward shift of the expected-rate-of-return curve. D. A downward shift of the interest-rate cost-of-funds curve.
The total demand for wheat in the U.S. is given by Qd = 1,750 ? 130P. Domestic supply is given by, Qs = 1,000 + 170P. Price is measured in dollars/ton and quantity is measured in thousands of tons. The equilibrium price and quantity of wheat are:
A. $2.50 a ton and 1,425 thousands of tons, respectively. B. $2.50 a ton and 2,075 thousands of tons, respectively. C. $4.78 a ton and 1,813 thousands of tons, respectively. D. $4.78 a ton and 1,129 thousands of tons, respectively.