Gross exports for the United States depend most directly on the
A. Spending behavior of foreign consumers and businesses.
B. Spending behavior of U.S. government agencies.
C. Spending behavior of U.S. consumers.
D. Level of U.S. GDP.
Answer: A
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The Coase theorem is the proposition that if property rights exist and are enforced, private transactions are
A) inefficient. B) efficient. C) inequitable. D) illegal. E) unnecessary.
Private goods are those for which consumption is
A) rival and excludable. B) rival and nonexcludable. C) nonrival and excludable. D) nonrival and nonexcludable.
A cellphone maker sells 6,000 units per month at $600 each. The firm is investigating whether a price cut to $500 is warranted. The firm’s marginal cost of production of each phone is a constant $400 per unit. To maintain profits at their current level, quantity sold must increase to at least
A. 8,000 B. 10,000 C. 12,000 D. 15,000
It is more likely for tacit collusion to occur in the ________ market compared to the ________ market.
A) luxury cruise ship; paper towel B) paper towel; commercial airline C) dog food; luxury cruise ship D) paper towel; luxury cruise ship