Ultimately, tariffs ________ the ability of foreign countries to buy the domestic country's exports and therefore ________ wealth
A) increase; create
B) increase; destroy
C) reduce; create
D) reduce; destroy
D
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Jennifer is the only employee of her sole proprietorship. She is entertaining the idea of hiring an additional employee. She knows that on her own she can produce 100 units per day
Jennifer figures that Applicant A will help her produce 175 units per day whereas Applicant B will help her produce 155 units per day. Which of the following statements is most accurate? A) Applicant B has a marginal product of 75 units. B) Applicant B has an average product of 77.5 units. C) Applicant A has a marginal product of 75 units. D) Applicant A has an average product of 87.5 units.
The study by economists Cox and Alm found that the 2006 pre-tax income of the richest fifth of U.S. households is
a. 5 times the pre-tax income of the poorest fifth. b. 10 times the pre-tax income of the poorest fifth. c. 15 times the pre-tax income of the poorest fifth. d. 20 times the pre-tax income of the poorest fifth.
One method of measuring the extent of a firm's market power is
A. price elasticity of demand for the firm's product. B. the Lerner index. C. income elasticity of demand for the firm's product. D. both a and b E. all of the above
Consider a firm's short-run cost curves. Which one of the following types of cost declines over the whole range of output?
A) total fixed cost B) marginal cost C) average fixed cost D) total variable cost E) average variable cost