Which of the following determines the maximum price a firm may charge for a particular quantity of output?
a. the firm's supply curve
b. opportunity costs
c. explicit and implicit costs of production
d. the minimum point of the average total cost curve
e. the demand curve facing the firm
E
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The difference between a free trade area and a customs union is that
a. countries of a free trade area set their own tariff policy with respect to members of the area while countries of a customs union have a uniform tariff policy withrespect to members of the union b. governments receive custom duties (income) from all trade within the customs unioncountries while the governments of a free trade area don't c. free trade area countries engage in reciprocity while countries of a customs unioncan, but need not engage in reciprocity d. countries of a free trade area set their own tariff policy with respect to nonmembersof the area while countries of a customs union have a uniform tariff policy withrespect to nonmembers of the union e. free trade area countries don't share a common border, such as Canada and Mexico,while custom union countries do
When the value of money is on the vertical axis, the money supply curve is vertical and shifts right if the Federal Reserve buys bonds
a. True b. False Indicate whether the statement is true or false
Which of the following is true of America's millionaires?
a. Only about 20 percent of the millionaires in the United States have college degrees. b. It is virtually impossible to achieve this status by saving and investing over a lengthy period of time. c. Most millionaires inherited at least half of their wealth. d. Millionaires are far more likely than others to be self-employed entrepreneurs
In this graph, at point e2, workers ______.
a. begin settling for lower wages
b. begin demanding higher wages
c. realize wages are rising faster than costs
d. realize wages have reached a maximum