Which of the following is FALSE?
A) Consumer surplus increases after a tariff is placed on imports.
B) Producer surplus increases after a tariff is imposed.
C) Government revenue increases after a tariff is imposed.
D) Deadweight losses result from tariffs.
A
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Firms in a monopolistically competitive market will produce where the difference between TR and TC are maximized
a. True b. False
Which of the following is correct?
A. During the Great Recession, unemployment rates for men rose above those of women. B. Unemployment rates for African-American and white workers are approximately the same. C. Teenagers experience approximately the same unemployment rates as do adults. D. Laborers are less vulnerable to unemployment than are professional workers.vvvvvv
Fixing up old houses requires plumbing and carpentry. Jack (who is a jack of all trades but is a master of none) is a decent carpenter and a decent plumber, but is not particularly good at either
He can fix up two houses in a year if he does all of the carpentry and plumbing himself. His wage is $50,000 per year. a. What is Jack's average total cost of fixing up two old houses? b. George is an excellent plumber and Harriet is an excellent carpenter. George can do all of the plumbing and Harriet can do all of the carpentry to fix up five houses per year. Each earns a wage of $50,000 per year. If George and Harriet work together and fix up five old houses each year, what is their average cost? c. What does this problem tell you about one of the sources of economies of scale?
The opportunity cost of capital is:
a. the cost of labor inputs required to operate that capital. b. the cost of raw materials necessary to put that capital to work. c. the payment necessary to keep that capital from moving to an alternative use. d. the costs of maintenance necessary to keep that capital operating. e. the cost of hiring more units of capital to generate additional units of output.