Refer to the information provided in Table 33.1 below to answer the question(s) that follow. Table 33.1
Refer to Table 33.1. For both countries to benefit from trade, the terms of trade must be between ________ bushel(s) of oranges to bushel(s) of bananas.
A. 2:3 and 2:1
B. 1:1/2 and 1:4
C. 1:1 and 1:2.
D. 1:1 and 1:1/2
Answer: C
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The above figure shows the demand and cost curves for a monopolist. What is the maximum economic profit this firm can make?
A) zero B) $400 C) $100 D) $200
In the Ricardian model, the marginal product of labor:
a. first rises, then falls, as more labor is employed to produce a good. b. first falls, then rises, as more labor is employed to produce a good. c. continuously falls, as more labor is employed to produce a good. d. does not change, as more labor is employed to produce a good.
The variable cost to the producer is
A. the area under the supply curve from the origin to the quantity produced. B. the area under the demand curve from the origin to the quantity purchased. C. the area under the demand curve but above the price line from the origin to the quantity purchased. D. the area above the supply curve but below the price line from the origin to the quantity purchased.
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. At the world price of $125 per barrel of oil, the United States imports ________ million barrels of oil per day.
A. 4 B. 6 C. 8 D. 10