Most towns were initially established at locations with
(a) an excellent harbor and river stretching into the hinterland.
(b) an excellent harbor and flat land so roads could be easily built into the hinterlands.
(c) in mountainous areas which provided better protection against Indians.
(d) extensive forests to provide fuel and lumber.
(a)
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Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country A specializes in bananas, and Country B specializes in tomatoes. The limits to the terms of trade that Country B would find acceptable are Country B will accept no:
A. more than 3 bananas for each tomato. B. less than 3 bananas for each tomato. C. more than 1 tomato for every 3 bananas. D. less than 1 tomato for every 3 bananas.
Suppose Jan started up a small lemonade stand business last month. Variable costs for Jan's lemonade stand now include the cost of
a. lemons and sugar. b. paper cups. c. the wages paid to her hourly workers. d. All of the above are correct.
Which of the following is NOT correct about the effects of a tariff on an imported product?
A) Tariffs benefit domestic producers by raising price and domestic output. B) Tariffs increase government revenue. C) Tariffs mean higher prices and less consumption for consumers of the product. D) Tariffs increase the efficiency of how resources are allocated.
For inferior goods, a decrease in income will cause the
A. quantity demanded to increase. B. quantity demanded to fall. C. demand to increase. D. demand to fall.