Increased opportunities for trade increase production by
A. Protecting countries from competition.
B. Improving efficiency through specialization.
C. Encouraging countries to be self-sufficient.
D. Shifting the production possibilities curve outward.
Answer: B
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Refer to the graph shown. Given supply, S0, and demand, D, what tariff would the government have to impose on lumber imported from Canada to reduce imports to 600 tons?
A. $7 a ton B. $2 a ton C. $13 a ton D. $6 a ton
Negotiations between the buyer and seller of a new house are an example of:
A. producer?producer rivalry. B. monopoly. C. consumer?producer rivalry. D. consumer?consumer rivalry.
Refer to the information provided in Figure 3.2 below to answer the question(s) that follow.
Figure 3.2Refer to Figure 3.2. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from D1 to D0?
A. an increase in the price of flour used to make macaroni and cheese B. an increase in income, assuming macaroni and cheese is a normal good C. an increase in the price of macaroni and cheese D. an increase in the quantity demanded for macaroni and cheese
Related to the Economics in Practice on page 196. The search engine business, which includes companies like Google and Bing, is subject to economies of scale. This means that as the use of a search engine such as Google ________, the long-run cost to provide additional searches on this engine will likely ________.
A. increases or decreases; stay the same B. decreases; fall C. increases; rise D. increases; fall