If protective import-restricting quota are imposed by a country, all of the following groups benefit EXCEPT
A) domestic producers in the affected industry.
B) domestic consumers in the affected industry.
C) employees of domestic producers in the affected industry.
D) importers that are able to obtain the rights to sell imported items in the affected industry.
Answer: B
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A firm pays $50,000 for a machine that is used in production for one year, after which it is sold for $40,000 to another firm. The $10,000 difference is
A) an explicit cost of production. B) economic depreciation, an implicit cost of production. C) normal profit. D) not counted as an economic cost of production. E) not an opportunity cost because it is not actually paid.
According to the Rybczynski theorem, at constant world prices, if a country experiences a gain in its capital stock it will produce
A) more of the capital intensive good and less of the labor intensive good. B) more of both goods. C) less of the capital intensive good and more of the labor intensive good. D) less of both goods.
In long-run equilibrium, a perfectly competitive firm will produce an output level at which its long-run average cost curve is upward sloping
a. True b. False Indicate whether the statement is true or false
For a firm in a perfectly competitive labor market
A) W > MFC. B) W < MFC. C) W > MRP. D) W = MFC.