The evidence of the net economic impact of casino gambling suggests that it is
A. significantly positive.
B. modestly positive.
C. modestly negative.
D. significantly negative.
Answer: B
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If a country begins to import more of a commodity, one can normally expect the price of the commodity to
A. remain unchanged in that nation. B. rise and then fall below where it was originally. C. rise in that nation. D. drop in that nation.
Suppose the market-clearing price of wheat is $2.50 per bushel. At a price below $2.50,
A) supply would equal demand. B) quantity supplied would equal quantity demanded. C) quantity supplied would exceed quantity demanded. D) quantity supplied would be less than quantity demanded.
Which of the following suggests that a competitive firm earns zero economic profits?
A) P = MC > ATC B) P > MC = ATC C) P = MC = ATC D) P > MC > ATC
Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Sandra produces 18 sweaters per day, what is her average total cost?
A) $5.00 B) $6.67 C) $9.44 D) $10.00