Protectionism through _________ implementation makes imports more expensive for consumers and discourages imports.
a. quote
b. tariff
c. nontariff barrier
d. standards
b. tariff
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Crtically evaluat the following statement. "It is possible to calculate comparative advantage even when prices are not known."
What will be an ideal response?
According to the total revenue rule, if the coefficient of price elasticity of demand is less than 1 and if price goes
a. up, total revenue stays the same. b. down, total revenue goes up. c. down, total revenue goes down. d. up, total revenue goes down.
Which of the following is the correct formula for computing GDP?
a. GDP = consumption + private investment + government spending + exports - imports b. GDP = consumption + public investment + government spending + exports - imports c. GDP = consumption + private investment + government spending - exports - imports d. GDP = consumption + private investment + government spending + transfers e. GDP = consumption + private investment + tax revenue + transfers
Suppose that you can schedule a worker for up to 4 hours per day. The total benefit and total cost functions are B(H) = 1,300H - 20H2 and C(H) = 500H + 60H2. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 1,300 - 40H and MC(H) = 500 + 120H. For how many hours should you schedule the worker?
A. 11.25 hours B. 2.5 hours C. 5 hours D. 0 hours