If Henry, a perfectly competitive lime grower in Southern California, can sell his limes at a price greater than his average total cost, Henry will
A) incur an economic loss.
B) incur an accounting loss.
C) have an incentive to shut down.
D) make an economic profit.
E) make zero economic profit.
D
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Tariff rates on products imported into the United States:
a. were prohibited by the Constitution. b. have dropped substantially over the past 50 years. c. reached an all time high in 1996. d. have steadily increased since 1920. e. have never played a big part in U.S. trade policy.
Usually, increased government spending for war increases inflationary pressures. The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence, during World War II, of
a. full employment. b. government ownership of factories. c. full production. d. wage and price controls. e. high levels of patriotism.
Countries that have a higher degree of economic freedom tend to
a. invest a larger share of their output, but the productivity of that investment is lower than for economies that are less free. b. invest a smaller share of their output, but the productivity of that investment is higher than for economies that are less free. c. invest a larger share of their output and the productivity of that investment is higher than for the economies that are less free. d. invest a smaller share of their output and the productivity of that investment is lower than for economies that are less free.
Which statement is true?
A. In 1900 most Americans lived on farms. B. The United States' industrial base was largely destroyed by World War I. C. John D. Rockefeller controlled the U.S. automobile industry during the first two decades of the 20th century. D. Andrew Carnegie was the leading steel producer in the U.S. in 1900.