The Township survey system set up by the Northwest Ordinance of 1785 established
(a) a 50 square-mile township based on colonial New York.
(b) an 84 square-mile township base on colonial Virginia.
(c) a 36 square-mile township based on colonial Vermont.
(d) an 18 square-mile township based on colonial Rhode Island.
(c)
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Under conditions of perfect competition, if losses occur in an industry, market forces may come into play to
a. reduce supply. b. lower average revenue. c. increase supply. d. attract new firms.
Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability .If three bidders show up at the auction, and two of the bidders are high-value, what would the winning price be?
a. Just above $100 b. $100 c. Just above $70 d. $70
The city of Austin can buy roads or light rail. If 10 miles of roads cost $1 million and 2 miles of light rail cost $10 million, what is the city's opportunity cost of 1000 miles of roads?
a. $100 million b. 2 miles of light rail c. 200 miles of light rail d. $50 million e. $1,000 million
The theory of comparative advantage suggests that trade should happen
a. between economies with small differences in opportunity costs of production. b. between economies with large differences in opportunity costs of production. c. between economies with large differences in specialization. d. between economies with small differences in specialization.