On the Heritage Foundation's scale of "Economic Freedom," which of the following countries is least "Free"?
A. Russia
B. New Zealand
C. United States
D. Hong Kong
Answer: A
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Since World War II, the likelihood that the job of a new college graduate will be directly or indirectly affected by world trade
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
The tradeoff between equity and efficiency is evident in debates over
a. how progressive our tax code should be. b. how generous our government spending programs should be. c. the debate over international trade policy. d. the debate over labor unions. e. all of the above.
I get $200 revenue from the sale of my product each day. I rent the factory that I use for $90 a day. The raw materials of the operation cost $115 a day. I do all the work myself. Both jobs are equally attractive as far as the work is concerned. Recently, a competitor offered me $30 a day to work for him. My accounting profit is ________, and my economic profit is ________.
A. -35; -35 B. 110; -30 C. 25; -5 D. -5; -35
As price falls along a supply curve, ________ increase(s) while ________ decrease(s).
A. nothing; quantity supplied, producer surplus, and revenues B. producer surplus and price; quantity supplied and revenues C. quantity supplied and price; producer surplus and revenues D. revenues, quantity supplied, and price; producer surplus