Which of the following might be an intermediate good?
A) A box of Kellogg's corn flakes
B) An iMac computer
C) A U-Haul rental vehicle
D) An economics textbook
E) Any of the above might be, depending upon who is purchasing it.
E
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The above table shows the market shares for all the landscaping services in a suburban area. The four-firm concentration ratio equals
A) 30 percent. B) 60 percent. C) 65 percent. D) 100 percent.
Refer to Figure 6-12. Suppose the diagram shows the supply curves for a product in the short run and in the long run. Which supply curve represents supply in the short run and which curve represents supply in the long run?
A) Either SA or SB could represent supply in the long run; in the short run the supply curve must be a horizontal line. B) SA represents supply in the short run and SB represents supply in the long run. C) Either SA or SB could represent supply in the short run; in the long run the supply curve must be a vertical line. D) SB represents supply in the short run and SA represents supply in the long run.
Everyone working the land knows the usefulness of investing in land irrigation systems but those who work the land may choose not to invest in these profitable irrigation systems as long as
a. the investments are too expensive b. unskilled labor is widely available c. birth rates are high d. the government dictates choice of investment e. their property rights, with respect to the land and water, are subject to change
Answer the following statements true (T) or false (F)
1. The revenue and protective purposes of a tariff are largely incompatible. 2. Tariffs bring about a transfer of income from the consumer of the protected product to domestic producers of the product. 3. For an anti dumping tariff to be imposed in the United States, competitive damage from dumping must be shown. 4. Perhaps the strongest argument for trade restrictions is that they protect U.S. workers from low-wage foreign workers. 5. During times of recession, retaining the domestic economy’s money at home is a valid argument for restricting imports.