VWL

which one of the following is correct?

The commercial airliner industry, consisting of Boeing and Airbus, represents

If demand increases, when supply is perfectly price elastic, then

In the prisoners's dilemma

Metro North railway is trying to decide wether or not to run an additional train into London from Keynes at 8.15 a.m. The total cost of running trains between 8.00 a.m and 9 a.m. is 45000$ and expected revenue on any given day are $100,000 during this time period. The cost of running the additional train is $4,000 and it is expected that revenues will rise to $103,500. Metro North should

Taxes levied directly on consumers

In a perfectly competitive market

Price Quantity Demanded Quantity Supplied
$100 1000 100
$150 900 300
$200 800 500
$250 600 600
$300 300 650

Given the data, the equilibrium price and quantity of cd players are

If marginal cost is greater than average total cost then

This table shows the total revenue and total cost data for a perfectly competitive firm. The profit earned and the profit maximizing output level is

Output tot. revenue tot. cost
1 $20 $40
2 $40 $60
3 $60 $70
4 $80 $80
5 $100 $85
6 $120 $110

A good produced in Japan and sold to the UK.

If the EU imports shoes in an freetrade situation, we can infer that

If you have been willing to pay $2.19 for the litre of milk purchased at the supermarket but were required to pay only $1.29 you have gained

The total cost to the firm of producing zero units of output is

In the marketplace, John voluntarily sells his last two loaves of bread to mary for $2. We can infer that this will benefit

Sizable economic profits can persist over time under monopoly if the monopolist

Assume that the government sets a ceiling on the interest rate that banks charge on loans. If the ceiling is set below the market equilibrium interest rate, the result will be

An equilibrium occurs in a game when

Market failure in the form of externalities arise when

Which of the following costs of publishing a book is a fixed cost?

An increase in the number of tomato producers will

Because monopolistically competitive firms produce differentiated products, each firm

Wich of the following are the best exmamples of substiute goods?

Suppose that Revecca throws her cola bottle out of her car window and it smashes on the road. Jim drives over the broken glass and gets a flat tyre. Rebecca's cola consumption has resulted in

A government minister states that wage rates in the country have risen by 2 per cent in the past year. The head of trade union states that wage increases should have been higher, The Secretary's statement is a ______ economic statement, and the union leader's statement is a_____ economic statement.

the commercial value of ivory is a threat to the elephant, but the commercial value of beef is a guardian of the cow. This is because

The market wil be in equilibrium with a tax on sales of a good when

Suppose the Eu decides to impose a 1,000$ tax on every Japanese car sold in the EU. This is an example of

Deadweight loss measures the

If price elasticity of demand is 2.0 this implies that consumers would

Economists assume that the goal of the firm is to maximize

Households play what role(s) in the circular flow diagram?

Which of the following conditions distinguishes monopolistic competition from perfect competition?

Russell's Shoe Repair also produces custom-made shoes. When Mr. Russel produces 12 pairs a week, MC of the telfth pair is $84, and the MR of that unit is $70. What would you advise Mr. Russell to do

A perfectly inelastic supply curve represents a

A nation should only import those goods for which it has

Monopolistic competition is considered by some to be inefficient because

Which of the following statements is true?

What can be said regarding absolute advantage in production for the two countries shown in this figure?

Number of workers needed:

Korea Romania
1 Radio 3 4
1 Calculator 6 2

Patents grant

Which of the following is the best example of variable cost?

Perfect competition may be defined as competition

Suppose Russia has an absolute advantage in the production of all goods. In this instance, Russia

The benefit to a producer of selling a good at the equilibrium price is called

private goods are

Social security programs are aimed at making the distribution of resources in an economy more

A firm in a monopolistically competitive market is similar to a monopolist in the sense that