At the beginning of World War II, a rationing system was established in the United States. Ration stamps or cards were issued for a variety of commodities such as canned milk and gasoline. Canned milk was only available to babies and small children
In this example, canned milk was allocated through A) personal characteristics.
B) market price.
C) majority rule.
D) first-come, first-served.
A
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The above table depicts the output of a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal physical product (MPP) of the eleventh worker per week?
A. $6,000 B. $7,000 C. 90 units D. 80 units
A rationale used for tariff protection by some is that
A. the country wants to practice international price discrimination. B. imports are produced by firms that are more efficient than domestic producers are. C. imports are produced by firms that received subsidies from their governments. D. the country finds its cost of producing their products higher than in other countries.