According to George Stigler, the monopolist is distinguished from other entrepreneurs because of his or her
a. motivation
b. market position
c. profit objective
d. strategy
e. morality
B
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When a nation exports a good or service in which it has a comparative advantage, employment in that industry
A) decreases. B) stays the same. C) increases. D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change. E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.
If the market price is $25, the average revenue of selling five units is
A) $5. B) $12.50. C) $25. D) $125.
Big Woods is a lumber firm that sells plywood sheets to local builders. If the annual holding cost of a sheet of plywood is $8 and the managers of Big Woods order 700 sheets of plywood, what is the total annual carrying costs of the inventory?
A) $2,800 B) $5,600 C) $2,000 D) $6,000
For an economy as a whole, net exports must equal minus one times net capital outflow
a. True b. False Indicate whether the statement is true or false