Craft unions exert market control by
A) limiting the demand for labor.
B) limiting the supply of labor.
C) setting minimum wages.
D) setting maximum wages.
Answer: B
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If Canada imports fishing poles from Mexico and Mexico imports bacon from Canada, which of the following would explain this pattern of trade?
A) The opportunity cost of producing fishing poles in Canada is higher than the opportunity cost of producing bacon in Mexico. B) Mexico has a higher opportunity cost of producing fishing poles than Canada, and Canada has a higher opportunity cost of producing bacon. C) Mexico must have an absolute advantage in producing fishing poles and Canada must have an absolute advantage in bacon. D) Mexico has a lower opportunity cost of producing bacon than Canada and Mexico has a comparative advantage in producing fishing poles.
The three players in the money supply process include
A) banks, depositors, and the U.S. Treasury. B) banks, depositors, and borrowers. C) banks, depositors, and the central bank. D) banks, borrowers, and the central bank.
The reason people can't have everything they want is because
A) people are selfish. B) scarcity exists. C) there is not enough economic growth in the world. D) none of the above
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.For Christine to earn a normal profit as a consultant, her accounting profit would have to be ________.
A. $9,000 B. $0 C. $51,000 D. $40,000