Price floors are primarily targeted to help
a. No one
b. Consumers
c. Producers
d. Government
c
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A monopolistically competitive firm is producing at a short-run output level where average total cost is $10.00, marginal cost is $5.00, marginal revenue is $6.00, and price is $12.00. In the short run, the firm should
A. increase product price. B. make no change in the level of output. C. increase the level of output. D. decrease the level of output.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has an absolute advantage in producing only coffee. b. Brazil has an absolute advantage in producing only sugar. c. Chile has an absolute advantage in the production of both coffee and sugar. d. Chile has an absolute advantage in producing only coffee. e. Brazil has an absolute advantage in the production of both coffee and sugar.
Everyone, from the most to the least skilled to the most and least educated, can benefit from trade.
a. true b. false
The weaker economies in the European Union were forced to _____to be eligible to receive bailouts.
A. decrease spending and taxes B. increase spending and taxes C. decrease spending and increase taxes D. increase spending and cut taxes