How would a decline in demand for imported commodities by the Chinese affect the market for cargo transportation to China?
A. Supply of cargo transportation shifts to the right causing an increase in demand and equilibrium quantity and a decrease in equilibrium price.
B. Supply of cargo transportation shifts to the right causing an increase in quantity demanded and decline in equilibrium price.
C. Demand for cargo transportation shifts to the left causing a decline in supply and equilibrium quantity and price.
D. Demand for cargo transportation shifts to the left causing a decline in quantity supplied and price.
Answer: D
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The textbook defines a "large" business as having assets in excess of
A) $50 million. B) $150 million. C) $500 million. D) $1 billion.
The oligopoly price will be greater than marginal cost but less than the monopoly price when
a. the oligopolists collude by jointly choosing a quantity to produce and maintaining their agreement. b. the oligopolists collude by jointly choosing a price to charge and maintaining their agreement. c. each oligopolist individually chooses a quantity to produce to maximize profit. d. each oligopolist's objective is minimization of average total cost, rather than maximization of profit.
Examples of employment discrimination would include
A. the legendary Negro league pitcher Satchel Paige who was not allowed to pitch in the major leagues until he was in his late 40s. B. the large majority of women in the 1950s and 1960s who were typists or secretaries. C. the attitude that typing, filing and other clerical positions were "women's work". D. all of the examples are true.
Which factor of production earns profit?
A) land B) human capital C) money D) entrepreneurship