Which of the following products would be used in calculating GDP?
(A) Plastic manufactured in a factory in Kentucky and sold to toy manufacturers around the world to make plastic toys.
(B) Cotton cloth manufactured in India and sold to clothes makers in the United States.
(C) Toys manufactured in China at a factory owned by a U.S. company.
(D) Cars manufactured in Tennessee at a factory owned by a Japanese automobile company.
Ans: (D) Cars manufactured in Tennessee at a factory owned by a Japanese automobile company.
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The government of Healthyland imposes a tax on sellers of salt. The tax is $0.10 per pound. With no tax, the market price of salt is $0.40 per pound. The demand for salt is perfectly inelastic, and the elasticity of supply is 1.5
With the tax, the price that sellers of salt in Healthyland receive and keep is A) $0.40 per pound. B) $0.35 per pound. C) $0.45 per pound. D) $0.50 per pound.
Often you will hear students say that a college degree is nothing more than a piece of paper
They argue that there are many successful people who don't go to college that are managing large corporations or otherwise have fulfilling and rewarding careers. Given that this is true does this undermine the usefulness of a college degree as a signaling device?
Which of the following is a reason for economies of scale?
A) Fixed costs are spread out as volume increases. B) The law of diminishing returns does not take effect. C) Input productivity increases as a result of greater specialization. D) There is greater savings in transportation costs.
If Boring were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be
A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price for Boring. D) a $35 price for Simple and a $25 price for Boring. E) a mixed strategy equilibrium.