The supply-demand mechanism will bring an international market into equilibrium
a. at a price below the domestic price.
b. where domestic supplies are less than domestic demand.
c. with one nation's price higher than the other nation's price.
d. when the quantity demanded for exports is equal to quantity supplied.
d
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According to Douglass North (1981, 1993), to knowledgeably understand our present economy or to strategically speculate about its future, it is important to "explain the structure and performance of economies through time."
Indicate whether the statement is true or false
Which of the following is not a government transfer program?
a. unemployment compensation b. Social Security c. food stamps d. Medicare e. movement of soldiers to a different military base
For a monopsonist the marginal cost of increasing its workforce will always be greater than the wage rate because
A. a normal rate of return must be paid to the owner. B. the industry will be a closed shop. C. the wage rate offered the newest employee must be paid to all workers. D. there is not good factor substitution in a monopsony.
Economists tend to believe that market incentive plans are generally more efficient than direct regulation.
Answer the following statement true (T) or false (F)