Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. If both countries specialize and trade with each other, Thailand will export ________ and China will import ________.
A. tractors; motorcycles
B. motorcycles; motorcycles
C. tractors; tractors
D. motorcycles; tractors
Answer: B
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The existence of any consumer surplus in the market suggests that all of the following practices are possible in the market except which one?
A) third-degree price discrimination B) first-degree price discrimination C) second-degree price discrimination D) a single price is charged to all consumers
Interlocking directorates are illegal under the Clayton Act
a. True b. False Indicate whether the statement is true or false
The deadweight loss a tax causes depends on all of the following except:
A. how responsive buyers and sellers are to a price change. B. the price elasticity of supply. C. the price elasticity of demand. D. who the tax is imposed upon.
Refer to the below table. What is the marginal resource cost if the firm employs a 12th worker?
A. $16
B. $17
C. $18
D. $19