The Motor Carrier Act of 1980 removed the government's restriction on:
A. entry into the trucking industry.
B. the size of trucks used to transport goods and services.
C. entry into the industry that produces delivery trucks.
D. entry into parcel delivery.
Answer: A
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Jerry wishes to retire in 5 years with $1 million in his bank account
If the account pays 4% and his current balance is $500,000, how much must he deposit at the beginning of each of the next five years for his wish to come true? The amount must be the same each year.
Costs of renewing contracts or printing new price lists are known as
A) small business costs. B) small menu costs. C) small operating costs. D) small production costs.
The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage. b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied. c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded. d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
Look at this producer surplus graph. If Caroline is already producing wheat at P1, what happens when the price moves to P2?
a. Her producer surplus will decrease.
b. Her producer surplus will increase.
c. Nothing happens because she is already producing at a lower price.
d. She will have to produce more to make the same total profit.