The real problem for people in many _______________ countries is not that globalization through international trade has made their lives worse, but rather that they have so few good employment alternatives.
a. low-income
b. high-income
c. large
d. small
a. low-income
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Which of the following statements is true?
a. If price decreases and demand is relatively elastic then the total expenditure by consumers will decrease. b. If price increases and demand is relatively inelastic then the total expenditure by consumers will decrease. c. Total expenditure by consumers is constant along a linear demand curve. d. All of the above. e. None of the above
The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive.
If mushrooms sell for $40 per bushel, and Moe chooses the profit-maximizing quantity, he will:
A. earn positive profit. B. earn negative profit (a loss). C. earn zero profit. D. shut down.
Which of the following is not a condition for perfect competition?
(A) Many buyers and sellers participate in the market. (B) Sellers are able to enter and exit the market freely. (C) Sellers offer a wide variety of products. (D) Buyers and sellers are well informed about products.
Which of the following is NOT an example of a negative externality?
A. Noise from a neighbor's motorcycle as he prepares to ride to work at 5a.m. B. Fertilizer on a farmer's field that enters a river and promotes algae growth and kills fish downstream C. Secondhand cigarette smoke D. Damage to homes and businesses caused by a forest fire ignited by lightning