Outsourcing is a term increasingly used to refer to the act of:
A. hiring illegal immigrants.
B. replacing relatively expensive American workers with low-wage workers overseas.
C. importing raw materials into the United States from other countries.
D. exporting final goods to other countries.
Answer: B
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The figure above shows Clara's demand for CDs. The price for a CD is $15. Which statement is TRUE?
A) When Clara buys 6 CDs, she receives $15 of consumer surplus on her 6th CD. B) When Clara buys 6 CDs, she receives a total of $15 of consumer surplus. C) When Clara buys 6 CDs, she receives a total of $30 of consumer surplus. D) When Clara buys 6 CDs, she receives a total of $45 of consumer surplus.
Assume Congress decides that oil companies are making too much profit and decides to increase the tax on oil companies for each gallon of gasoline produced. This would
A) guarantee a decrease in profits. B) guarantee an increase in profits. C) guarantee an increase in tax revenues. D) None of the above.
If the discount rate is 5 percent, the present value of annual $100,000 payments in perpetuity (i.e., continued indefinitely into the future) is
a. $2,000,000 b. $1,246,296 c. $1,000,000 d. $976,463 e. infinite
Which of the following is always a characteristic of the oligopoly market structure?
a. Easy, low-cost entry and exit. b. Few sellers. c. All sellers produce identical products. d. Many sellers, each small in size relative to the overall market.