What is the world price of sugar without the tariff?
A. $1,500/ton
B. $2,000/ton
C. $1,000/ton
D. $500/ton
Answer: C
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Which of the following statements is true?
A) A worker who undertakes general training is likely to earn above his value of marginal product. B) Firm-specific training results in gains to a worker and not to an employer in the labor market. C) Job-specific training results in gains to a worker's employer, but it does not result in gains to the worker in the labor market. D) Training received by a worker does not affect his wages as wage rates are determined by the forces of demand and supply in the labor market.
The need for government subsidies of irrigation produced
(a) the Desert Land Act (1877). (b) the Interstate Commerce Commission Act (1887). (c) the Newlands Act (1902). (d) all of the above.
If a firm acquires the stock of a competing firm that causes a substantial lessening of competition, it would be in violation of the:
a. Clayton Act. b. Robinson-Patman Act. c. Sherman Antitrust Act. d. Federal Trade Commission Act. e. Interstate Commerce Act.
When a market is not in equilibrium:
A. there is neither excess supply nor excess demand. B. the economic motives of sellers and buyers will move the market to its equilibrium. C. a change in either supply or demand is required to reestablish equilibrium. D. government intervention is required to achieve equilibrium.