Which of the following is true of import tariffs and quotas?
a. They benefit domestic producers.
b. Domestic consumers gain because they purchase the output of domestic firms.
c. Specialization and comparative advantage are advanced by tariffs and quotas.
d. They tend to expand the volume of world trade.
e. Because they increase the output levels of domestic firms, they tend to lower domestic prices.
A
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If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, then the expansion would provide ________ to the airlines
A) higher marginal costs but lower total costs B) higher average costs but lower total costs C) economies of scale D) diseconomies of scale
By the late 1990s, the growth rate of total factor productivity in the United States _____
a. averaged about 1% b. averaged between 3 and 4% c. averaged between 6 and 8% d. averaged between 10 and 15% e. averaged above 20%
Many kindergarten teachers have advanced education degrees, yet they have lower average earnings than other individuals with similar education levels. A potential explanation for the differences in earnings is that kindergarten teachers
a. have more pleasant working conditions. b. have less pleasant working conditions. c. work longer hours. d. must pass certification tests.
What documents are needed when determining the value of a business?
a. federal and state income tax returns b. complete financial statements c. planning information regarding current budgets and forecasts d. operation information e. all of these