Exports are domestically produced goods and services sold to ocher countries sol

Question

Exports are domestically produced goods and services sold to ocher countries sold to the government sold at home which are wed to produce other goods and The slope of a typical isoquant it negative became to produce a given output, a producer r will use more of one input only if it uses more of another can me of one input only if the productivity of that input increase can use less of one input only if it uses more of another will use more of one input only if the price of that input falls Which of the following is the best example of a a subsidy from the U.S. government to domestic manufacturers of tires to enable them to compete more effectively with foreign producers a limit on the quantity of tires that can be imported from a foreign country a 40% fee imposed on all imported tires a tax placed on all tires sold in the domestic market to help offset the impact of lost jobs in the domestic tire industry. I. If a perfectly competitive firm raises the price a charges to consumers, which of the following is the most likely outcome" The firm's revenue w ill not change because some consumers will refuse to pay the higher price. The firm will not sell any output. The firm's total revenue will increase only if the demand for its product it inelastic. The firm's total revenue will increase only if the demand for its product is clastic. Whenever a buyer and a seller agree to trade, both must believe they will be made better off unless the buyer resides in a different country than the seller resides in. International trade may nuke the buyer or seller worse off unless one party is richer than the other only if the buyer and seller live in countries with market economies. whether the buyer and seller live in the same city or different countries Suppose your marginal utility from consuming the 3rd slice of cake is zero, then your total utility from consuming cake is maximized. decreasing. negative. increasing.

Explanation / Answer

(1) Exports are domestically produced goods sold to other countries.

(2) To produce a given output, a producer uses less of one input if he uses more of the other.

(3) Example of quota: Quantity of tires that can be imported

(4) If perfectly competitive firm raises price, it will most likely not sell any output.

(5) Both must believe they will be better off whether buyer/seller reside in same city or different countries.

(6) When marginal utility is zero, total utility is maximum.

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