What do most economists believe about international trade?
a. It benefits all participants with no one harmed in the country.
b. It benefits only big corporation but harms everyone else in a country.
c. It benefits the majority of people but some people are harmed.
d. It benefits no one and harms many people in the economy.
c. It benefits the majority of people but some people are harmed.
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Suppose Argyle Sachs has to choose between building a smaller sweater factory and a larger sweater factory
In the following graph, the relationship between costs and output for the smaller factory is represented by the curve ATC1, and the relationship between costs and output for the larger factory is represented by the curve ATC2. a. If Argyle expects to produce 3,600 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain? b. If Argyle expects to produce 5,000 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain. c. If the average cost of producing sweaters is lower in the larger factory when Argyle produces 6,500 sweaters per week, why isn't it also lower when Argyle produces 4,000 sweaters per week?
The market for gasoline in May is in equilibrium, at a market clearing price of $2.50 per gallon. After Memorial Day, the demand curve for gasoline increases, which causes
A) the demand curve for gasoline to shift to the right, creating a shortage at $2.50 per gallon which causes the market clearing price of gasoline to rise. B) the demand curve for gasoline to shift to the right, creating a shortage at $2.50 per gallon which causes the market clearing price of gasoline to fall. C) the demand curve for gasoline to shift to the left, creating a shortage at $2.50 per gallon which causes the market clearing price of gasoline to rise. D) the demand curve for gasoline to shift to the left, creating a shortage at $2.50 per gallon which causes the market clearing price of gasoline to fall.
The Fed sells $1 million in bonds to a bond dealer. The bond dealer's bank experiences
A. a decrease in assets of $1 million as its reserves decrease and a decrease in liabilities of $1 million as its deposits fall. B. an increase in assets of $1 million as its deposits fell by $1 million, and a decrease in liabilities as its reserves fell by $1 million. C. no change in assets or liabilities. D. a decrease in assets of $1 million as its reserves decrease and an increase in liabilities of $1 million as its deposits rise.
Capital goods are
A. produced in one year, whereas final goods are produced over a period of more than one year. B. final goods, because they are not used up during a given year. C. produced in the same year as the related final good, whereas intermediate goods are produced in different years. D. a type of intermediate good.