Refer to the table below for a certain product's market in Econland. If the world price of the product were $6 and a tariff of $1 per unit imported is imposed, then the quantity of output that would be supplied domestically would be:
A. 1,400 units, and the quantity of output that would be imported would be 800 units
B. 1,600 units, and the quantity of output that would be imported would be 800 units
C. 1,600 units, and the quantity of output that would be imported would be 400 units
D. 1,400 units, and the quantity of output that would be imported would be 400 units
C. 1,600 units, and the quantity of output that would be imported would be 400 units
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A decrease in the labor force shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
The concept of comparable worth:
a. is that pay ought to be determined by job characteristics rather than by supply and demand. b. is that pay ought to be determined by supply and demand rather than by job characteristics. c. has made hiring practices much simpler for employers. d. asserts that market-determined wages are the only appropriate way in which to allocate pay. e. is easy to implement once a new worker has been hired.
An economist defines efficiency as:
a. the maximization of output from available resources. b. the maximization of revenue from available resources. c. the maximization of inputs using available resources. d. the creation of a surplus using available resources.
If the United States can produce computers efficiently, then what is the most likely reason it imports computers from other countries?
a. Producing computers would take resources from the production of other goods in which the United States has a comparative advantage. b. Computers manufactured in other countries are of higher quality and are more durable than computers made in the United States. c. International law requires computer manufacturing to take place in the country of origin of the computer firms. d. Other countries have an absolute advantage over the United States when it comes to computer manufacturing.