Refer to Figure 9.8. With no government interference, the country pictured will
A) import 500 tons of sugar.
B) import 300 tons of sugar.
C) import 200 tons of sugar.
D) import no sugar.
E) export sugar.
B
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In the short run, a firm should shut down if its economic loss from operating exceeds its total fixed cost
a. True b. False Indicate whether the statement is true or false
Which of the following might explain why the government would create a price ceiling for a certain good?
a. The equilibrium price that would result in the market would be considered too high b. The equilibrium price that would result in the market would be considered too low c. The equilibrium quantity that would result in the market would be considered too high d. The equilibrium quantity that would result in the market would be considered too low e. The government never has a reason to create price floors or price ceilings
Monopolistic firms that practice international dumping:
a. suffer losses on their sales in foreign markets. b. suffer losses on their sales in domestic markets. c. maximize their monopoly profits. d. are subject to antidumping taxes in their home countries.
When plotting log wages (y-axis) against years of schooling (x-axis), the slope of the regression line indicates
A. the average wage. B. the economic return to each additional year of schooling measured in dollars. C. the average years of schooling. D. the average logged wage. E. the economic return to each additional year of schooling measured in percentage terms.