Which of the following statements is correct?
A. Export sales are not important to U.S. industries because U.S. GDP is so large.
B. Many U.S. industries are very dependent on export sales.
C. The United States is increasingly dependent on exports, but not on imports.
D. The United States would not be affected if it quit importing goods.
B. Many U.S. industries are very dependent on export sales.
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If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then Germany has
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.
Refer to Figure 10.1. Suppose that the government decides to limit monopoly power with price regulation. If the government sets the price at the competitive level, it will set the price at ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
The Toys-R-Danger-Us Toy Company can produce 500 water pistols for a total cost of $1,400 . If the variable cost of producing 500 water pistols is $1,300, then
a. fixed cost must be $100 b. marginal cost must be $1,300 c. marginal cost must be increasing d. average variable cost must be decreasing e. average fixed cost must be constant
Over a period of time both the price and the quantity sold of a certain product have increased. One possible explanation might be that:
a. Supply decreased over time, while demand remained the same b. Demand increased over time, while supply remained the same c. Supply increased over time, while demand remained the same d. Supply increased over time, while demand declined