Which of the following is most likely to be an example of monopsony?
A. The market for fast-food workers in a large summer resort town.
B. The market for card dealers in Las Vegas.
C. The market for Major League Baseball umpires.
D. The market for retail sales clerks in a major city.
Answer: C
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In 2015, Janice Quinn sells a five-year-old car to Used Car, Inc. for $6,000. In the same year, Used Car, Inc. resells the car to Hilda Goner for $6,500. What is the contribution of these transactions to GDP in the year 2015?
A. $6,000 B. $12,500 C. $500 D. $0
A goal of contractionary monetary policy is to:
A) decrease the rate of growth of real GDP. B) increase the rate of growth of real GDP. C) increase inflation. D) none of the above.
Answer the following statements true (T) or false (F)
1. The Trade Expansion Act of 1974 restricted the authority of the president of the United States to reduce tariffs. 2. The rule of origin defines the maximum percentage of a country’s exported product that can be sold in the United States. 3. If trade between the United States and Canada were totally free of restrictions, the incomes of most Canadian workers would decrease. 4. Maquiladoras are export-oriented plants, often along the U.S.–Mexico border, that are exempt from paying import duties on raw materials and parts used in making final products. 5. The Maastricht Agreement calls for a common currency and a single central bank in the European Union.
Refer to the information provided in Figure 15.6 below to answer the question(s) that follow.
Figure 15.6Refer to Figure 15.6. If Trollio's T-shirts is producing 50 silk-screened T-shirts and selling each T-shirt at $16, then in the long run this firm should
A. continue to produce 50 silk-screened T-shirts and sell each T-shirt for $16. B. exit the industry, as it is earning a zero economic profit. C. reduce output to try to increase profits. D. increase output to 60 silk-screened T-shirts.