An ad valorem tariff is a money amount per unit of import that is due when the good reaches the importing country.
Answer the following statement true (T) or false (F)
False
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What effect on the price of hiring a lawyer to draw up a will would the opportunity-cost theory predict as a consequence of legislation requiring the use of a lawyer in all real estate transactions?
A) A higher price as the market becomes flooded with lawyers. B) A higher price as lawyers find it costs them more to draw up wills C) No effect because prices are determined by demand, not by cost. D) A lower price as the market becomes flooded with lawyers E) A lower price as lawyers find they can now obtain their desired income level with lower fees
"Rational, self-interested people would never end up worse off by any decision they make. Obviously, people often make mistakes or have regrets. Therefore, people do not act rationally or out of self-interest"
Do you agree with these statements? Why or why not?
Suppose a soccer coach has been making $25,000 per year but gives up his coaching job in order to make lace doilies. If his revenue from the sale of these doilies is $50,000 and his materials cost $20,000 . then his economic profit is
a. $5,000 b. $25,000 c. $30,000 d. $50,000 e. $80,000
If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is
A) a neutral good. B) a normal good. C) a necessity. D) a complement.