To manufacture 1,000 pairs of shoes in a week, a firm must use at least 1,500 workers and 5 machines or 100 machines and 150 workers. Which method can be technically efficient?
A. 1,500 workers and 5 machines
B. 150 workers and 100 machines
C. Both
D. Neither
Answer: C
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Refer to the above table. Demand is least price elastic at a price of
A) $10.00. B) $7.50. C) $7.00. D) $5.00.
Which of the following is an example of asymmetric information?
a. A student adopting unfair means to complete his/her assignment. b. A commodity trader buying goods at a low price and selling them off at a high price. c. A builder selling houses built on property that is zoned for industrial use. d. A buyer paying a pre-contracted price which is lower than the current market price.
When a pharmaceutical firm spends millions of dollars to lobby and convince Congress to extend the number of years a firm is awarded patent protection, then the pharmaceutical firm is engaging in:
A. rent seeking. B. fraud. C. price discrimination. D. marginal cost pricing.
Relatively rapid U.S. growth between 2002 and 2007 contributed to large U.S. trade deficits by:
A. increasing U.S. national income, which decreased U.S. exports. B. reducing real interest rates in the United States. C. increasing U.S. tax revenues and reducing the federal budget deficit. D. increasing U.S. national income, which increased U.S. imports.