A quota is
a. a tax placed on imports.
b. a limit on the quantity of imports.
c. a tax on exports to other countries.
d. an excess of exports over imports.
b
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A firm's fixed costs are $10 million. It sets the price at $1800 per unit and has marginal costs of $1,000. What's the firm's contribution margin per unit?
a. $12 b. $10 c. $8 d. $4
Other things equal, granting unemployment benefits or welfare benefits to striking workers
A) reduces the likelihood of a strike since management will be more cooperative. B) reduces the costs of a strike to workers and will increase their willingness to strike. C) reduces the likelihood of a strike since union workers make wages significantly above unemployment benefits or welfare payments. D) increases the willingness of management to permit a strike.
If the wages of a CPA decrease, (i) her opportunity cost of leisure increases. (ii) her opportunity cost of leisure decreases. (iii) her hours of labor supply may increase. (iv) her hours of labor supply may decrease
a. (i) and (iii) only b. (ii) and (iv) only c. (i), (iii), and (iv) only d. (ii), (iii), and (iv) only
Sarah's Bargain Store, a perfect competitor, made an economic profit of $20,000.
A. She is operating in the short run. B. She is operating in the long run. C. She may be either in the short run or the long run. D. There is no way to determine if she is operating in the short run or the long run.