According to the graph shown, if this were depicting an autarky, the amount being bought domestically is:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 60 at $10 each.
B. 60 at $17 each.
C. 115 at $14 each.
D. 150 at $10 each.
C. 115 at $14 each.
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If the U.S. economy enters a recession, the
A) labor force tends to increase. B) economy experiences full employment. C) unemployment rate tends to increase. D) entire population will be partially unemployed.
Refer to the scenario above. Suppose Pat can impose a fine of $70 if Joe chooses to keep the money and the cost of imposing such a fine to Pat is $10. Which of the following is likely to happen if Pat is known to be vengeful?
A) Joe will choose to split the money into two parts if Pat gives it to him. B) Joe will choose to keep the entire money for himself if Pat gives it to him. C) Pat will not give the money to Joe. D) An unique equilibrium will not occur.
"Insider trading" laws are meant to prevent
A) the executives of a corporation from holding a majority of its outstanding shares. B) buying or selling shares based on information not available to the public. C) foreign investors from gaining controlling interest in U.S. corporations. D) the issuing of bonds for the purpose of buying stock.
In a perfectly competitive market, the average revenue curve of a firm is
A) the same as its total revenue curve. B) the same as its demand curve. C) the same its economic profits. D) the difference between its total revenue curve and its marginal revenue curve.