Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each. This year, the company supplied the same quantity of ceramic pots at $55 each. Based on this evidence, The Pottery Palace has experienced
A) an increase in the quantity supplied. B) a decrease in supply.
C) a decrease in the quantity supplied. D) an increase in supply.
B
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A government wishing to maximize its tax revenues should
A) always assess the highest possible tax rate. B) always assess the lowest possible tax rate. C) determine the highest possible tax rate and then back it down by exactly 4 percentage points. D) push tax rates up to the point where revenues peak, but raise the tax rate no farther.
Which of the following is not an example of signaling?
a. An employer calls the references of a potential employee before hiring him or her. b. A boyfriend gives his girlfriend a necklace with her favorite gemstone for Valentine's Day. c. A home flooring company advertises its high Better Business Bureau rating during its television commercials. d. A company advertises that it makes charitable contributions.
Which of the following would not be considered a cause of poverty?
a. lack of proficiency in English b. a college education c. bad luck d. gender discrimination
According to the Stolper-Samuelson theorem and the Heckscher-Ohlin theory, the opening of trade will ultimately lead to lower real wages in a land-abundant country.
Answer the following statement true (T) or false (F)