Suppose that the marginal cost of an additional ton of steel produced by a Japanese firm is the same whether the steel is set aside for domestic use or exported abroad
If the price elasticity of demand for steel is greater abroad than it is in Japan, which of the following will be correct? A) The Japanese firm will sell more steel abroad than they will sell in Japan.
B) The Japanese firm will sell more steel in Japan than they will sell abroad.
C) The Japanese firm will sell steel at a lower price abroad than they will charge domestic users.
D) The Japanese firm will sell steel at a higher price abroad than they will charge domestic users.
E) Insufficient information exists to determine whether the price or quantity will be higher or lower abroad.
C
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If a firm makes production decisions such that it achieves maximum output from a fixed stock of resources, this means that this firm is
a. achieving allocative efficiency c. earning a normal profit b. earning a positive economic profit d. technically efficient
In financial markets, sellers are people who:
A. want to spend money on something of big value in the future, but don't know how to save for it. B. want to spend money on something of value right now, but don't have cash on hand. C. have cash promised to them at some future date. D. have cash on hand and are willing to let others use it, for a price.
In input, or factor, markets
A. firms supply goods. B. households supply resources. C. households demand goods. D. consumers purchase products.
Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. The equilibrium level of aggregate income is $________ million.
A. 1,200 B. 1,300 C. 1,500 D. 1,400