If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000 . then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?

The types of goods Japan exports and imports appear to be well explained by

A) Japanese endowments of factors of production (e.g. land, labor, capital, natural resources). B) high and rising Japanese tariffs. C) advertising and other sales promotion efforts. D) All of the above.

In the short run, which one of the following causes a competitive firm to hire more labor?

A) an increase in wage rate B) an increase in the output price C) a specific tax imposed on the firm's output D) a decrease in the output price