All of the following are reasons that trade between nations is beneficial EXCEPT
A. gains from trade.
B. protection of domestic industries.
C. gains from specialization.
D. exchange of ideas.
Answer: B
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In a housing market with a rent ceiling set below the equilibrium rent, as time passes the supply of apartments
A) decreases. B) increases. C) does not change. D) becomes fixed by the government. E) increases while the demand for apartments decreases.
Based on the table below, at what world price would the country import the good?
Price Q Demanded Q Supplied 2 100 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95 A) a price below $8 B) at exactly $8 C) a price above $8 D) It is impossible to say.
R2 is a statistical measure which
A) determines how important one variable is in explaining the value of another variable. B) tests the true value of a variable. C) determines how well an equation can estimate the relationship between one variable and a set of other variables. D) All of the above
Bill lives in Montana and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?
a. The law of diminishing marginal utility. b. The law of diminishing returns. c. Return equalization principle. d. The principal-agent problem.