The competition that American businesses have faced in recent years from global competition has:
A. Resulted in government subsidies of many businesses so they can maintain their market share
B. Reduced the use of new technology as more production goes to foreign businesses
C. Led firms to adopt restrictive work rules and production practices
D. Forced firms to become more efficient or go out of business
D. Forced firms to become more efficient or go out of business
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Economists typically agree that the special protection given to owners of patents tends to
A) reduce economic growth. B) reduce productivity. C) reduce expenditures on research and development. D) increase expenditures on research and development.
Suppose that Arnold spends all his income on bratwursts and piano lessons and his marginal utility per dollar on bratwursts is lower than that on piano lessons. Is Arnold maximizing his utility? Why or why not?
What will be an ideal response?
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert?
A. $35 B. $1 C. $9 D. $36
The motive that drives firms to enter or exit an industry is
A. accounting costs. B. economic profit. C. opportunity costs. D. diseconomies of scale.