Figure 17-9
Refer to . Before the tariff is imposed, this country
a.
imports 200 carnations.
b.
imports 400 carnations.
c.
exports 200 carnations.
d.
exports 400 carnations.
b
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Which of the following would cause the equilibrium price of apple juice to decrease and the equilibrium quantity of apple juice to increase?
A) a decrease in the price of apples B) an increase in the price of orange juice, a substitute for apple juice C) an increase in the price of apples D) a decrease in the price of granola bars, a complement for apple juice
Which of the following explanations, if true, for the observation that 80% of your company's employees choose not to opt into the company's optional retirement plan would be the LEAST consistent with standard economic theory?
A. Company-sponsored retirement plans tend to have lower-than-average returns over the long run. B. Company-sponsored retirement plans tend to have higher-than-average costs compared to other retirement saving instruments. C. When confronted with alternatives, people sometimes avoid making a choice and end up with the option that is assigned as a default. D. Across all employers, the average rate of retirement plan enrollment tends to be about 20%, which is consistent with the low demand for retirement plans.
Choices made by economic decision makers
a. are government decisions only b. are the primary focus of economics c. are not important in economic analysis d. occur infrequently e. do not involve ordinary citizens
The point of maximum profit for a business firm is where:
a. P = AC. b. TR = TC. c. MR = AR. d. MR = MC. e. TR = MR.