Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "There is no such thing as a free lunch."
c. "I have a baker's dozen." d. "There's no business like show business."
b
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A union can achieve higher wages without accepting lower levels of employment of members by
A) striking. B) increasing the productivity of its members. C) increasing the amounts of imports. D) increasing the difficulty of its apprenticeship program.
A tariff is a tax on ____ goods that is designed to ____
a. exported; protect domestic industries b. exported; hurt foreign industries c. imported; made domestic consumers pay more d. imported; protect domestic industries e. domestic; discourage imports
With regard to preventing entry, if identical firms act simultaneously,
A) they cannot credibly threaten each other. B) they will all incur losses. C) only one firm will enter the market. D) none of them will enter the market.
If you are willing to purchase a house for $500,000 and you purchase the house for $500,000 . this transaction will generate: a. There is no surplus created for either of the party
b. $0 worth of seller surplus and unknown amount of buyer surplus. c. $0 worth of buyer surplus and unknown amount of seller surplus. d. No information provided.