If Utopia opened itself to trade it would
A. export 100 cases of tile per year.
B. export 450 cases of tile per year.
C. import 250 cases of tile per year.
D. import 150 cases of tile per year.
Answer: C
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For any given level of output:
A) marginal cost must be greater than average cost. B) average variable cost must be greater than average fixed cost. C) average fixed cost must be greater than average variable cost. D) fixed cost must be greater than variable cost. E) None of the above is necessarily correct.
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In Exhibit 3-7, if price happened to currently be $75 in this market, a _______ would result, causing a __________ in price.
A. shortage; increase B. shortage; decrease C. surplus; increase D. surplus; decrease
Which of the following is NOT an example of a negative externality?
A. Noise from a neighbor's motorcycle as he prepares to ride to work at 5a.m. B. Fertilizer on a farmer's field that enters a river and promotes algae growth and kills fish downstream C. Secondhand cigarette smoke D. Damage to homes and businesses caused by a forest fire ignited by lightning
At the present time Social Security beneficiaries are limited in the amount of income they can earn and still receive full benefits. Should this limitation be abolished? Justify your answer
What will be an ideal response?