An import quota imposed by the U.S. would reduce U.S. imports, but have no impact on U.S. exports
a. True
b. False
Indicate whether the statement is true or false
False
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The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product. B) more difficult it is to employ substitute inputs in production. C) smaller is the proportion of wage costs in the total cost of production. D) shorter is the time period under examination.
Without drawing a graph explain what probably happened to the production possibility frontier during the Black Plague
What will be an ideal response?
What fraction of developing countries have recently experienced some form of significant interethnic conflict?
a. less than one-tenth b. a tenth to one-quarter c. one quarter to one half d. over one half
Refer to Scenario 9.3 below to answer the question(s) that follow. SCENARIO 9.3: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 per cent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $5 on average per meal. Refer to Scenario 9.3. The normal return to the investors on a weekly basis is
A. $600. B. $1,000. C. $3,600. D. $4,500.