A limit on the quantity of a good that may be imported in a given time period is
A. An import allocation.
B. A comparative advantage.
C. An import quota.
D. A tariff.
Answer: C
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If the firm in the figure above attempted to minimize its average total cost by producing 100 pairs of Tommy jeans per day at an average total cost of $20 per pair and it sold those jeans for $80 per pair, the firm would ________
A) earn zero economic profit B) earn a larger economic profit that a firm that produced 125 jeans because the ATC of producing 125 jeans is higher than the ATC of producing 100 jeans C) incur an economic loss D) earn a smaller economic profit than a firm that produced 125 jeans E) achieve an efficient use of resources
The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change b. disruptive market change. c. productivity market change d. technological market change
Pete's Package Delivery Service currently makes deliveries only within the state, but now decides to expand the scale of its operation by serving the neighboring state as well. It is likely to find
a. total variable costs decline as diminishing returns set in b. total fixed costs decline as more trucks cover a wider area c. total variable costs rise as more fuel and drivers are needed d. the price of hiring a worker falls as more workers are hired e. profits rise as total costs remain constant
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers decide at time t5 that the economy is expanding too fast, but the policy changes start affecting the economy at t7, then the policy will be
A. optimal. B. ineffective. C. inappropriate. D. well timed.