A firm's revenue minus its factor payments equals
a. zero.
b. the profits or losses earned by the firm.
c. the quasi-rents earned by the factors of production.
d. the firm's total revenue.
b. the profits or losses earned by the firm.
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Tariffs and import quotas both result in
A) lower levels of domestic production. B) the domestic government gaining revenue. C) lower levels of imports. D) higher levels of domestic consumption.
If the case study on U.S. / China trade is correct in its analysis of factor abundance,
A) Chinese capital owners should see their income rise as trade increases. B) U.S. skilled labor inputs should see their incomes fall as trade increases. C) U.S. capital owners should see their income fall as trade increases. D) Chinese unskilled labor should see their income rise as trade increases.
Retained earnings are the same thing as "plowback."
a. True b. False Indicate whether the statement is true or false
Explain the paradox of voting that is illustrated in the table below in choices between the same expenditure on three different public goods. The numbers under each name indicate the voting preferences (first, second, or third choice) of each of the
three citizens in the society.
