We call an economy that is self-contained and does not engage in any trade with outsiders a(n):
A. autarky.
B. oligopoly.
C. oligarchy.
D. monarchy.
A. autarky.
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Price discrimination is
A) always illegal in the United States. B) defined as charging the same price to all consumers. C) defined as charging different prices for different units. D) setting the price to minimize the quantity sold. E) Both answers A and C are correct.
The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country A specializes in bananas, and Country B specializes in tomatoes. The limits to the terms of trade that Country B would find acceptable are Country B will accept no:
A. more than 3 bananas for each tomato. B. less than 3 bananas for each tomato. C. more than 1 tomato for every 3 bananas. D. less than 1 tomato for every 3 bananas.
Which of the following expressions equals profit per unit of output?
a. MR - MC b. P - AVC c. MR - P d. P - ATC e. MR - ATC