Since World War II, the likelihood that any single item in the typical consumption basket of a consumer in the U.S. originated outside of the U.S
A) remained constant.
B) increased.
C) decreased.
D) fluctuated widely with no clear trend.
E) increased slightly before dropping off.
B
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A decrease in the money wage rate increases ________ and an increase in the full-employment quantity of labor increases ________
A) the SAS and the LAS; only the SAS B) the SAS and the LAS; only the LAS C) only the SAS; the SAS and the LAS D) only the LAS; the SAS and the LAS
The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. If Light-U-Up is regulated, what is its economic profit if it must follow a marginal cost pricing rule?
A) -$40 B) -$20 C) $0 D) $30
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both the bidders have low values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
Which of the following is true for a constant cost industry?
a. The total cost of producing 500 units will be the same as the total cost of producing 250 units. b. If 100 units can be produced for $500, then 200 units can be produced for $1,000. c. The demand curve and, therefore, the unit price in the industry are constant. d. Firms in the industry will hold output constant if the price of the product increases.