The term "import" refers to:
a. a purchase of goods or services from another country.
b. a business transaction between two or more domestic firms.
c. a sale of goods or services to another nation.
d. a tax on foreign merchandise.
e. a trade agreement between two industrial countries.
a
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Which of the following is always true for a single-price monopolist?
A) P > MR B) P < MR C) P = MR D) P = elasticity of demand E) None of the above answers is correct because none of them is always true.
If current output is less than the profit-maximizing output, then the next unit produced
A) will decrease profit. B) will increase cost more than it increases revenue. C) will increase revenue more than it increases cost. D) will increase revenue without increasing cost. E) may or may not increase profit.
Economic profit is equal to total revenue minus the
a. explicit cost of producing goods and services. b. opportunity cost of producing goods and services. c. accounting cost of producing goods and services. d. implicit cost of producing goods and services.
A U.S. boycott against Mexican tuna caught in nets was
A) not upheld by the WTO on the grounds that killing dolphins in tuna nets does not harm the United States directly. B) not upheld by the WTO on the grounds that U.S. ships could still use nets to catch tuna. C) upheld by the WTO on the grounds that the use of nets to catch tuna also kills dolphins. D) upheld by the WTO on the grounds that nations can impose any environmental standards on other nations.