“it is free” is the false statement
Answer:
When the world price is $9.00 per barrel, imports are 10.25 million barrels per day.
Explanation:
This can be explained as following:
- At the domestic equilibrium, the quantity supplied and demanded were:
- When the world price is $9.00 (P=9), the domestic demanded and supplied quantity were:
- Demand: Qd = 15 - (1/4)x9 = 12.75 million
- Supply: Qs = -2 + (1/2)x9 = 2.5 million
When the domestic supply is 2.5 million barrels per day while the domestic demand is 12.75 million barrels per day, the domestic still lacks:
- 12.75 - 2.5 = 10.25 million barrels per day
So that they need to import 10.25 million barrels per day.
Answer:
D. slopes upward
Explanation:
if Judy experiences diseconomies of scale this means the return for adding further factor into the economy decreases. Therefore the marginal cost increase more than the marginal revenue from the added factor.
His average cost curve will shift upwards. Each time Judy adds equipment and workers his cost increase more than the previous worker or equipment.
<u>Resuming:</u>
Producing an additional units is more expensive than the previous unit therefore, the average cost increases through units output.
Answer:
These are the options for the question:
A. They should be more willing to tear down the $5 million stadium, because it cost less to build.
B. They should be more willing to tear down the $50 million stadium, because it cost more to build.
C. The cost to build the old stadium shouldn’t be considered.
And this is the correct answer:
A. They should be more willing to tear down the $5 million stadium, because it cost less to build.
Explanation:
City A will likely be more willing to tear down its old stadium because it costed $5 million to build. City B, on the other hand, will have to think twice because a stadium that costed $50 billion to build could have more value than it seems, or the City could simply not have enough money to build a better new stadium (something that would probably cost more than $50 billion to do).
Answer:
The number of people finding jobs equals the number of people losing jobs.
Explanation:
Unemployment rate can be defined as the percentage of unemployed workers that are present in the the labor force. The Labor force of a country comprises of both employed and unemployed individuals that are present in the country. Unemployment rate can also be described as the percentage of the total workforce of a country that is yet to be gainfully employed.
High unemployment rate poses an adverse effect on the economy, it leads to an increase in crime rate this is due to the fact that unemployed individuals have no source of income to take care of their respective families and as such have to turn to the life of crime inorder to earn money.
