A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers.
B) domestic manufacturers of steel.
C) domestic consumers of steel.
D) workers in the steel industry.
E) foreign consumers of steel.
C
Economics
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Skateboards are produced according to the production function, q = 10K0.25L0.5 - L. At what quantity of labor does total product begin to decline given that capital is fixed at 16 units in the short-run?
A) L = 100. B) L = 10. C) L = 5. D) Not enough information is given.
Economics
The fundamental goal of economics is to
a. allow everyone to have five yachts and two automobiles. b. redistribute income and eliminate poverty. c. reduce unemployment so that lower welfare payments are necessary. d. learn to cope with the scarcity of virtually all resources.
Economics