The economic way of thinking
A) studies facts without using theories.
B) explains how social order and cooperation emerge from the actions of individuals.
C) is free of biases and assumptions.
D) includes all of the above features.
B
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Assume goods X and Y are complements and are produced in perfectly competitive markets. All else constant, an increase in demand for good X would cause:
A) a decrease in the number of firms that produce good X. B) an increase in the number of firms that produce good Y. C) a decrease in the number of firms that produce good Y. D) no effect on the number of firms that produce either good.
Tina Makumbi imports sesame oil from Ethiopia and sells to a market that has a downward sloping demand curve.The demand curve indicates that some consumers are willing to pay $1.50 or more per pound for the first few pounds, but every consumer gets to buy at the market clearing price of $0.50 per pound. The difference between the most that consumers would pay and the actual amount they do pay is
called a. exporter surplus b. trade balance c. producer surplus d. consumer equilibrium e. consumer surplus
In situations where businesses who choose to discriminate because they are prejudiced are few in an industry, discrimination:
A. will be eliminated by the competitive market. B. will persist because customers will not give them patronage. C. will persist in an efficient market. D. None of these is true.
Buskin's Corporation has issued 2 million shares of stock. Its earnings were $10 million, of which it retained 40 percent. What was the dividend per share?
a. $2. b. $3. c. $5. d. $8.