Other things equal, the gravity equation predicts that the United States will have more trade with __________ than with _________.
a. Bangladesh; Japan
b. Russia; Japan
c. Canada; Bangladesh
d. Russia; Bangladesh
Ans: c. Canada; Bangladesh
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In the short run, a sales tax is:
a. wholly absorbed by the producer. b. shared between the consumer and the producer. c. deferred until the market is able to re-establish an equilibrium price. d. wholly absorbed by the consumer.
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Which of the following would be considered a variable cost of this company?
A. The rent B. The fabric C. The cutting shears D. None of these would be considered a variable cost.
Organizational architecture varies from firm to firm. The three important external determinants of a firm's administrative structure are
A. government regulation, technology, and decision rights. B. decision rights, rewards, and technology. C. government regulation, technology, and markets. D. decision rights, rewards, and evaluation systems.
Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of producing a bicycle in the United States is equal to ________, and the opportunity cost of producing a bicycle in Mexico is ________
A) 4 computers; 0.5 computer B) 0.25 computer; 2 computers C) 2.67 bicycles; 0.33 computers D) 0.375 computer; 3 bicycles