Which of the following is a characteristic of the core?
a. The core is the set of all allocations that cannot be blocked.
b. The core is the set of all allocations where the value realized by the members of the coalition are same as what they can realize individually form the core.
c. Cores are broken when one or more participants withdraw from the coalition.
d. Any allocation that makes even one of the parties to the transaction better off is in the core.
A
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Ultimately, tariffs ________ the ability of foreign countries to buy the domestic country's exports and therefore ________ wealth
A) increase; create B) increase; destroy C) reduce; create D) reduce; destroy
In the 1920s, American (non-farm) labor benefited from all of the following except:
a. low unemployment rates. b. falling weekly work hours. c. legal limits on immigration. d. passage of federal minimum wage legislation.
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hangar that he could have rented out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an
airplane for $6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes equaled $90,400 . Sam's implicit costs for this year are equal to a. $84,400 b. $39,000 c. $55,000 d. $45,600 e. $40,000
Demand for the product of an industry in perfect competition is assumed to be inelastic.
Answer the following statement true (T) or false (F)