Between 1990 and 2007,
A. U.S. exports to Mexico increased rather steadily.
B. U.S. imports from Mexico decreased precipitously.
C. U.S. exports to Canada increased rather steadily.
D. both a) and c).
Answer: D
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Price will rise to eliminate a shortage
a. True b. False Indicate whether the statement is true or false
How are sunk costs and fixed costs related?
A) They are not related in any way. B) Sunk costs cannot be recovered and fixed costs can be avoided by shutting down. C) In the short run they are equal to each other. D) In the long run they are equal to each other.
In the United States, the individual income tax is best described as a
a. regressive tax b. proportional tax c. flat tax d. progressive tax e. repressive tax
When road construction crews work at less than 100 percent of effort during their work days in order to create overtime work for themselves, they are creating what economists describe as a
a. moral hazard problem b. work dependency problem c. principal-agent problem d. efficiency wage problem e. employment-management problem