Of the arguments for limiting trade, which one is the most appealing to economists?
A. protecting the profits of companies
B. protecting an industry important to a nation's defense
C. helping an industry that is in trouble
D. protecting the jobs of citizens
Answer: B
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Trade results from
A) comparative advantage. B) diminishing returns. C) self-sufficiency. D) absolute advantage.
The table above represents the marginal cost and marginal benefit associated with pizza (in terms of movies). What quantity of pizza should be produced if resources are to be used efficiently?
A) 5 pizzas B) 6 pizzas C) 7 pizzas D) 8 pizzas
The economy of Mainland uses gold as its money. If the government discovers a large reserve of gold on their land
a. the supply of money decreases and the value of money rises. b. the supply of money increases and the value of money falls. c. the demand for money increases and the value of money rises. d. the demand for money decreases and the value of money falls.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State NoName U is:
A. $60,000 B. $30,000 C. $15,000 D. $20,000