If transaction costs of market exchange are small, then a firm will expand to produce more of its product internally
a. True
b. False
B
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If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $12,000 to purchase those identical goods in 2015, then the inflation rate from 2005 to 2006 is
A. (100-83.3)/100*100%=16.7%. B. (100-100)/100*100%=0%. C. (120-100)/100*100%=20%. D. unknown given this data.
Since 2000, the overall growth rates among emerging countries have been
A. negative every year. B. higher than the overall growth rates among advanced nations. C. positive but lower than the overall growth rates among advanced nations. D. lower than the overall growth rates among other developing nations.
This agency develops and enforces environmental standards for air, water, toxic waste, and noise.
A. Environmental Protection Agency B. Consumer Product Safety Commission C. Equal Employment Opportunity Commission D. Occupational Safety and Health Administration
Refer to the information provided in Figure 10.1 below to answer the question(s) that follow. 
Figure 10.1 Refer to Figure 10.1. This firm is currently hiring 15 workers and paying a wage of $10. This firm should
A. do nothing because it is maximizing profits. B. increase employment to 17 workers to increase profits. C. reduce employment to 14 workers to increase profits. D. reduce employment to 15 workers to increase profits.