Refer to the table below. Julia's opportunity cost of making a cake is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 60 cakes
B. 6 cakes
C. 5/6 of a cake
D. 6/5 of a cake
Answer: D
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To help developing nations strengthen their international competitiveness, many industrial nations have granted tariff reductions to developing nations under the
A) international commodity agreements program. B) multilateral contract program. C) generalized system of preferences program. D) export led growth program. E) import substitution policy.
When workers expect the real wage to rise at a rate similar to productivity improvements, ________
A) the decrease in labor supply raises the real wage B) the increase in labor supply lowers the real wage C) the increase in labor supply raises the real wage D) the decrease in labor supply lowers the real wage
If bargaining is costless and an externality exists:
a. an efficient outcome may be reached depending on which party is assigned property rights. b. an efficient outcome will be reached regardless of which party is assigned property rights. c. an efficient outcome will not be reached without government intervention. d. an efficient outcome can never be reached.
Price discrimination that tends to lessen competition is outlawed by the:
a. Sherman Antitrust Act. b. Clayton Act. c. Federal Trade Commission Act. d. Interstate Commerce Act.