If the United States and Canada trade hydro-powered electricity for Hollywood films, what type of trade does this represent?
What will be an ideal response?
Interindustry
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Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and in the ________ market
A) goods; factor B) goods; financial C) government; goods D) financial; factor E) firm; government
John's reservation wage is $10 per hour. This means that
A) John will not supply labor in the market until he receives a wage of at least $10 per hour. B) John will supply labor in the market at a wage of $10 and lower. C) John will work 10 hours per day. D) John will decrease the hours he works when his wage rate exceeds $10 per hour.
Refer to the payoff matrix below. Which of the following is true for Happy Campers?
A) The Low strategy dominates the Middle strategy
B) The High strategy dominates the Low strategy.
C) The Low strategy dominates the High strategy.
D) The Middle strategy dominates the Low strategy.
Kurt Gerdenich receives a consumer surplus while buying eggplants at the farmer's market if
a. the value he places on the eggplants is less than their price b. he gets a higher total utility from buying eggplants than from buying any other good c. the price of eggplants is less than the price of other goods that he values the same as eggplants d. only a few eggplants are available for sale e. the value he places on eggplants is greater than their price