Refer to the given data. With a $1-per-unit tariff, the quantities sold by foreign and domestic producers respectively will be:
Answer the question on the basis of the following domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
A. 1 unit and 15 units.
B. 7 units and 4 units.
C. 11 units and 4 units.
D. indeterminate.
B. 7 units and 4 units.
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Refer to Table 9-10
a. Which person has an absolute advantage in the production of pens? pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?
National saving minus private saving is equal to
A) the government surplus. B) private disposable income. C) the current account deficit. D) interest on the government debt.
One drawback of deferred payments is that
A) employees may shirk anyway. B) employers might fire high achievers to avoid paying higher wages or bonuses. C) it is difficult to determine who are the good and who are the bad workers. D) employees have to work for the firm for a long time.
Which of the following is an accurate statement for a constant-cost industry?
a. The price of inputs often increases as outputs expands. b. The price of inputs often drops as outputs expands. c. Market input prices are often sensitive to the demands of individual firms. d. The input demands of an individual firm often do not affect the market input prices.