Which of the following is an example of a company "offshoring" part of the production of a service?
A. Technicians overseas reading X-rays taken in the United States
B. Foreign students studying at American universities
C. Scissors for haircuts being produced in China
D. An American traveler getting a tattoo while in Germany
Answer: A
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Which of the following statements is true?
A) A higher wage can raise profits if productivity is directly proportional to wages. B) A higher wage can reduce the quantity supplied of labor. C) A higher wage can increase the quantity demanded of labor. D) A higher wage can raise profits if productivity of workers is fixed.
Refer to Figure 11-4. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to cut its support of university research in half, this would cause a movement from A) B to E. B) B to D. C) B to A. D) B to C.
Public goods legislation involves
a. widespread benefits and concentrated costs b. widespread benefits and widespread costs c. concentrated benefits and widespread costs d. concentrated benefits and costs e. regulating natural monopolies to avoid price gouging
What is the relationship between start-up costs and a competitive market?
(A) There is no consistent relationship between start-up costs and the competitiveness of a market. (B) Low start-up costs are likely to make a market less competitive. (C) Markets with high start-up costs are more likely to be perfectly competitive. (D) Markets with high start-up costs are less likely to be perfectly competitive.