Econ - Question 33 Question 33 1 A budget line will shift...

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Question 33 Question 33 1. A budget line will shift outward and not change its slope if Answer 1 points Question 34 Question 34 1. A collusive agreement to form a cartel is difficult to maintain because Answer 1 points
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Question 35 Question 35 1. A firm faces a small number of competitors. This firm is competing in Answer 1 points Question 36 Question 36 1. A firm raises the price it charges. The firm's total revenue does not change. What can we conclude about the price elasticity of demand? Answer 1 points Question 37 Question 37
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1. A perfectly competitive firm will shutdown when the price is just below the minimum point on the Answer 1 points Question 38 Question 38 1. A regulation that sets the lowest price at which it is legal to trade a good is a Answer 1 points Question 39 Question 39 1. According to the Hotelling Principle, the price of a nonrenewable resource is expected to Answer
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1 points Question 40 Question 40 1. Adam Smith's Wealth of Nations , written in 1776, describes the market's invisible hand representing the Answer 1 points Question 41 Question 41 1.
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All games have which features? Answer 1 points Question 42 Question 42 1. An example of a monopoly would be Answer 1 points Question 43 Question 43 1. Assume that the state of Missouri decided to place a tariff on every product produced outside the state in an effort to increase the state's revenue and increase employment in the state. If Missouri did so, Answer
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1 points Question 44 Question 44 1. Because leisure time has value to many workers, as wages increase the labor supply curve Answer 1 points Question 45 Question 45 1. Consumer surplus equals Answer
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1 points Question 46 Question 46 1. Consumers' preferences are described by Answer 1 points Question 47 Question 47 1. Darryl runs a ranch in Jackson, Wyoming. The interest on the debt he incurred to buy his ranch totals $3,000 per year. For Darryl, the interest is Answer
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Question 48 Question 48 1. Dividing the nation's income among the factors of production, the largest percentage is paid to Answer 1 points Question 49 Question 49 1. During the 1980s, Harley-Davidson, the American motorcycle maker asked Congress for tariff protection from large motorcycles imported from Japan. Harley-Davidson argued that their company needed protection so the company could reorganize and, after some time had passed, could become more competitive. Harley Davidson's argument is similar to the ________ argument for protection. Answer
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This note was uploaded on 12/25/2010 for the course DEPTT. 2339485 taught by Professor J.khowel during the Spring '10 term at twsu.edu.

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Econ - Question 33 Question 33 1 A budget line will shift...

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