Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
B
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A usual assumption in real business cycle models is that the economy is populated by a group of identical individuals and the behavior of the group can then be explained in terms of the behavior of one individual, called a(n)
a. maximizing agent. b. representative agent. c. republican agent. d. informative agent. e. democratic agent
You work as a marketing analyst for a pharmaceutical firm, and you are trying to gather information about the marginal cost of production for a competing firm
You know that they have a patent on a popular medication that sells for $20 per dose, and you believe the elasticity of demand for this product is roughly -4. Assuming the competing firm acts as a profit-maximizing monopolist, what is the competing firm's approximate marginal cost of production? A) $10 per dose B) $12.50 per dose C) $15 per dose D) $20 per dose
The graph shown exhibits diseconomies of scale:
A. in region a. B. in region c. C. over the entire range of output. D. in region b.
In the case of a small country, consumer surplus
A) decreases less with a tariff than with an equivalent quota. B) decreases less with a quota than with an equivalent tariff. C) decreases the same with tariffs and equivalent quotas. D) increases more with quotas.