Refer to the information provided in Table 33.4 below to answer the question(s) that follow.
Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. Chile should specialize in and export ________, and Germany should specialize in and export ________.
A. wine; beer
B. beer; beer
C. beer; wine
D. wine; wine
Answer: A
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Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. In this case, the market supply curve for milk is:
A. kinked at a price of $0.33. B. kinked at a price of $0.50. C. downward sloping. D. an upward sloping straight line.
A free market void of externalities ______ social surplus.
Fill in the blank(s) with the appropriate word(s).
A firm in a competitive price-searcher market can raise its price without losing all of its customers. This is a result of
a. low entry barriers. b. a perfectly elastic market demand. c. the small number of firms in the market. d. product differentiation.
In the short-run, if the Federal Reserve decreases interest rates, then consumption and investment ________, aggregate expenditure ________, and short-run equilibrium output ________.
A. increase; increases; increases B. increase; increases decreases C. decrease; decreases; decreases D. increase; decreases; decreases