Jack trades his basketball for Jim's baseball glove. This simple trade is
A) unproductive, because nothing new has been produced.
B) productive, because Jack and Jim expect to be better off by trading.
C) costless, because no money was involved in the deal.
D) a cost to the manufacturer because neither Jack nor Jim bought a new ball or glove.
E) not good for the overall economy, for reasons A and D above.
B
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Which of the following are reasons economists consider valid for trade protection?
I. Protection penalizes countries that have weak environmental standards. II. Protection limits dumping of low-wage jobs into the domestic economy. III. Protection prevents low-wage jobs in foreign countries from lowering wages in the United States. A) I and II B) II and III C) I, II, and III D) none of the above
Indifference curves that cross violate the property of
a. the marginal rate of substitution. b. transitivity. c. indifference curves bowing inward. d. They do not violate any properties of indifference curves.
A firm that is hiring labor in a purely competitive labor market and selling its product in a purely competitive product market will maximize its profit by hiring labor until:
A. marginal revenue product is zero. B. marginal revenue product exceeds marginal resource (labor) cost by the greatest amount. C. marginal resource cost is zero. D. marginal revenue product equals marginal resource (labor) cost.
Refer to the data sets. Which of the data sets would graph as an upsloping line?
Answer the question on the basis of the following five data sets, wherein it is assumed that the variable shown on the left is the independent variable and the one on the right is the dependent variable. Assume in graphing these data that the independent variable is shown on the horizontal axis and the dependent variable on the vertical axis.
| (1) | (2) | (3) | (4) | (5) | |||||
| J | K | L | M | N | P | R | T | U | V |
| 0 | 10 | 0 | -15 | 100 | 40 | 0 | -15 | 0 | 0 |
| 40 | 20 | 30 | -5 | 80 | 50 | 20 | -25 | 5 | 10 |
| 80 | 30 | 60 | 5 | 60 | 60 | 40 | -35 | 10 | 20 |
| 120 | 40 | 90 | 15 | 40 | 70 | 60 | -45 | 15 | 30 |
| 160 | 50 | 120 | 25 | 20 | 80 | 80 | -55 | 20 | 40 |
| 200 | 60 | 150 | 35 | 0 | 90 | 100 | -65 | 25 | 50 |
Refer to the data sets. Which of the data sets would graph as an upsloping line?
A. 1 only.
B. 1, 2, and 3 only.
C. 4 and 5 only.
D. 1, 2, and 5 only.