Suppose the first hour of study today will allow you to answer 10 correct questions in tomorrow's exam. After the first hour, the marginal benefit of each additional hour of study is reduced by 2 (meaning if you study 2 hours today your total number of correct responses tomorrow will be 18 and if you study 3 hours it will be 24 and so on). If the costs of studying each additional hour are zero, how many hours you should study?
A. 0
B. 6
C. 10
D. 18
Answer: B
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Suppose the marginal propensity to import for country A is 0.4 . Calculate the change in the total value of imports of the country if national income increases by $100,000
a. $16,000 b. $20,000 c. $60,000 d. $40,000 e. $25,000
If the benefits from trade are larger than the costs of trade, _____
a. a tariff should be imposed on the traded good b. trade should be allowed c. the domestic price of the traded good should be regulated d. the domestic consumption of the traded good should be taxed
A feature of monopolistic competition is:
A. considerable control over price. B. homogeneous or standardized products. C. a patent-protected product. D. nonprice competition.
Which of the following is NOT one class of a market structure?
A. Perfect competition B. Monopolistic competition C. Monopoly D. Dictatorship