A pottery craftsman is debating attending the crafters fair. It costs $50 to set up the booth and $20 in transportation to get his pottery to the fair. He nets $5 for each of his pieces, number of pots he must sell to make going to the fair worth the cost?
a. 10
b. 12
c. 14
d. 16
c
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Negative values of the price elasticity of demand of a good can be attributed to:
A) the Law of Demand. B) the Law of Supply. C) the Law of Increasing Marginal Utility. D) the Law of Diminishing Marginal Rate of Substitution.
Average total cost exceeds average variable costs by the value of marginal cost
a. true b. false
Structural unemployment arises in part because
A) of unrealistic wage expectations. B) of technological change. C) people become discouraged when they cannot find jobs. D) people will not quit their present jobs until they can find suitable employment elsewhere. E) there are not enough jobs available.
An example of a U.S. export would be:
A. a bushel of apples that Canadians pick and enjoy on a lovely fall day in Vermont. B. an Apple computer purchased by a U.S. college student who plans to study abroad in France. C. an Apple computer, made in the U.S., purchased by a French student. D. a French bottle of wine consumed by an American.