Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the domestic quantity supplied?
A) 5 units B) 10 units C) 15 units D) 20 units
B
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Mike, of Mike's Machines has hired a consultant who informs Mike that since the total revenue from current operations exceeds total cost, he should consider increasing production of machines. Mike would be best off if he
a. increases production of machines until total revenue is equal to total cost. b. increases production until net gains are equal to zero. c. maintains his current level of production so long as marginal revenue is equal to marginal cost. d. decreases his current level of production if marginal revenue is equal to marginal cost.
"As part of the financial crisis bailout plan in 2008, the Federal Reserve should not bail out banks that made risky loans." This is an example of
A) a positive statement. B) the Federal Reserve taking actions that are not at the margin. C) opportunity costs. D) a normative statement.
As a candidate for president of the United States, Barak Obama was an ardent supporter of outsourcing
Indicate whether the statement is true or false
A piece of land is divided between John and Mary. However, only John gets the title to his share of land. Which of the following is true?
a. Both Mary and John will not take care of their lands. b. Mary will have a higher per capita output from her piece of land. c. John will not be able to rent out a portion of his land. d. Mary will have a greater incentive than John to invest in her piece of land. e. John will be able to use his land as collateral for a loan from a bank.