Comparative advantage means the ability to produce a good or service
A) at a higher profit level than any other producer.
B) at a lower selling price than any other producer.
C) of a higher quality than any other producer.
D) at a lower opportunity cost than any other producer.
D
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Which act established rules and regulations for minimum wage, overtime pay, record-keeping and child labor standards?
(a) Fair Labor Standards Act of 1938 (b) Walsh-Healy Act of 1936 (c) National Industrial Recovery Act (1933) (d) Wagner Act of 1935
If the price elasticity of demand is 0.5, then a 10% increase in price results in a
A) 5% decrease in total revenues. B) 5% decrease in quantity demanded. C) 0.5% decrease in quantity demanded. D) 5% increase in quantity demanded. E) 50% reduction in quantity demanded.
A tax imposed by a government on imports of a good into a country is called a
A) tariff. B) quota. C) value added tax. D) sales tax.
A monopoly is an industry with
A. a single firm in which the entry of new firms is blocked. B. a small number of firms each large enough to impact the market price of its output. C. many firms each able to differentiate their product. D. many firms each too small to impact the market price of its output.