Trade restrictions
A. Increase the standard of living for the country as a whole.
B. Reduce the number of hours employees must work.
C. Reduce the gains from trade for the country as a whole.
D. Increase the gains from trade for poor countries.
Answer: C
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Which of the following statements applies to a single-price monopolist?
A) In order to maximize profits, the monopolist will produce an amount of output that lies in the elastic range of its demand. B) In order to maximize profits, the monopolist will produce an amount of output that lies in the inelastic range of its demand. C) In order to maximize profits, the monopolist will produce where its demand is unit elastic. D) In order to maximize profits, the monopolist will produce an amount of output in the inelastic range of its supply.
The CA is equal to
A) Y - (C - I + G). B) Y + (C + I + G). C) Y - (C + I + G). D) Y - (C + I - G). E) Y + (C - I - G).
A star basketball player signs a contract that newspaper reports indicate is worth $10 million. The player receives $2 million upon signing, and $2 million every year for four years. The contract is worth
A) less than $10 million since the present value of $2 million received one or more years from now is less than $2 million. B) more than $10 million since the present value of $2 million received one or more years from now is more than $2 million. C) $10 million as reported in the press. D) some amount around $10 million. To determine whether it is more or less than $10 million we need to know whether the interest the player can earn is more or less than the market rate of interest.
Disequilibrium occurs when quantity demanded equals quantity supplied
a. True b. False