The gaps between the United States and the Asian countries of Honk Kong, Singapore, Korea and China have been
A) decreasing
B) increasing
C) remaining fairly constant
D) there are no gaps between these Asian countries and the United States
A
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Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one ticket rises from $10 to $19
A) only three tickets will be sold. B) consumer surplus decreases from $31 to $6. C) no one will buy a ticket. D) consumer surplus increases from $44 to $71.
Other things constant, the elimination of factor price distortions in developing countries would most likely
(a) decrease rural-urban migration. (b) have little effect on rural-urban migration. (c) increase rural-urban migration. (d) increase urbanization.
Which of the following will not cause the demand curve for good X to shift?
A) a change in the price of X B) a change in the price of Y, a complement C) a change in the price of Z, a substitute D) an increase in average disposable real income
Unlike implicit costs, explicit costs
a. reflect opportunity costs b. include the value of the owner's time c. are not included in the accounting statement of the firm d. are actual cash payments e. do not change with the output rate of the firm