Protection makes the people of a country better off.
Answer the following statement true (T) or false (F)
False
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Refer to Table 18.1. The opportunity cost of a glove in Panama is
A) 1/8 of a hat. B) 3/4 of a hat. C) 4/3 hats. D) 8 hats.
The Sandy Deli operates near a college campus. It has been selling 325 sandwiches a day at $1.75 each and is considering a price cut. It estimates 450 sandwiches would sell per day at $1.50 each. Calculate the marginal revenue of such a price cut and the elasticity between the two points.
What will be an ideal response?
Consider a closed economy without a government and without international trade. What will be TRUE when this economy is in equilibrium?
A. Total planned real investment spending will exceed total planned real expenditures. B. Planned real consumption spending plus planned real investment spending equals real GDP. C. Planned real investment spending will exceed real planned saving. D. Planned real consumption spending equals real GDP.
Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of
A. greedy business people behaving in an inappropriate manner. B. firms have not yet exited the industry. C. marginal cost pricing. D. market failure.