A government program that attempts to stimulate domestic production of a good in which the country has a natural comparative advantage because of its domestic resources is an example of a(n) ________ policy
A) primary-export-led
B) import-substitution development
C) outward-looking development
D) linkage-effect
A
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Mr. Sweet opened a candy store. He rented a building for $30,000 a year. During the first year of operation, Sweet paid $40,000 to his employees, $10,000 for utilities, and $20,000 for goods he bought from other firms. His total revenue was $135,000
Sweet's best alternative to running this candy store is to work for Wal-Mart as a sales associate for $15,000 a year. What is Sweet's total opportunity cost? A) $15,000 B) $100,000 C) $135,000 D) $115,000
Which of the following is a true statement about the difference between a price-taker firm and a competitive price-searcher firm in the long run?
a. Both will sell their products at a price equal to average total cost, but only the price taker will produce at minimum average total cost. b. Both will sell their products at a price equal to average total cost, but only the competitive price searcher will produce at minimum average total cost. c. Only the price taker will sell its product at a price equal to average total cost. d. Only the competitive price searcher will sell its product at a price equal to average total cost.
If the U.S. economy adds to the capital stock, this may require a temporary decrease in the amount of present consumption.
a. true b. false
A monopolistically competitive firm maximizes profit where
A. MR > MC. B. P = MC. C. MR = MC. D. MC > MR.