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1. When resources are allocated to their highest valued use? __________ is achieved and when goods and services are produced at the lowest possible cost? _______ is achieved.
A. voluntary? exchange; maximum profit
B. allocative? efficiency; profit maximization
C. productive? efficiency, allocative efficiency
D. allocative? efficiency, productive efficiency
2. If two goods are? substitutes, then their
A. income elasticities are positive.
B. cross price elasticities are positive.
C. cross price elasticities are negative.
D. income elasticities are negative.
If a country's currency's external value is tied or pegged to the currency values of the country's leading trading partners, this arrangement
Country A has 1,500 units of labor and can produce two goods, manufactures and food. A’s producers take 5 units of labor to produce one unit of manufactures and 6 units to produce one unit of food. Country B has 1800 units of labor and takes 3 units ..
Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c_1. The trip dur..
Suppose Ralph hires workers at his supermarket at a wage rate of $12/hour. Ralph currently has 10 checkout stands (i.e., capital), each with a rental rate of $10/hour. Derive Ralph's short-run total cost function. Derive the corresponding equations ..
Negative externalities such as water or air pollution lead to an inefficient allocation of resources. Explain why. Use a carefully constructed diagram to aid in your explanation. Such externalities have been dealt with mostly through command and cont..
Facts: Nissan took its “Hardbody” truck line and used it as the basis for designing and building its “Pathfinder” sport utility vehicle. The Pathfinder incorporated the Hardbody’s frame side rails, front cab, and front suspension. The tariff schedul..
Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 25 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 35 percent. ..
Shortages of resources such as water, food, and building supplies are a problem many communities face after a natural disaster occurs. Some communities have even enacted laws to prevent “price gouging,” the practice of asking very high prices for pro..
Until the 1977 Supreme Court decision in Bates v. State Bar of Arizona, all states prohibited advertising by attorneys. That decision gave constitutional protection to an attorney’s right to advertise the availability of their services and the fees t..
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
In its effort to reduce the time value of money, the Federal Reserve System began aggressively increasing the supply of money through Quantitative Easing. What is true and what is false about the above statement? Explain
Suppose you want to test whether the 1993 FMLA actually affected the wages of female workers. Assume you have data on the wages, gender, firm size, and other characteristics (age, education, race, ethnicity, etc.) of workers for the years 1990 to 199..
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