Refer to the diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation. If the world price for this product is $.50, this nation will experience a domestic:
A. shortage of 160 units, which it will meet with 160 units of imports.
B. shortage of 160 units, which will increase the domestic price to $1.60.
C. surplus of 160 units, which it will export.
D. surplus of 160 units, which will reduce the world price to $1.00.
A. shortage of 160 units, which it will meet with 160 units of imports.
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As a result of contractionary monetary policy, the open-economy outcome, compared to the closed-economy outcome, features a ___________ fall in Real GDP and a ____________ fall in the price level
A) larger; larger B) larger; smaller C) smaller; larger D) smaller; smaller
The focal point of collective bargaining negotiations is generally ________________.
Fill in the blank(s) with the appropriate word(s).
Scarcity exists because:
A. new wants continue to develop and willingness to meet them is limited. B. the supply of goods is always less than the demand. C. individuals cannot solve the three central coordination problems. D. governments cannot solve the three central coordination problems.
Economists played a key role in the development of merger guidelines by the Department of Justice and the Federal Trade Commission in 1982. These guidelines have three main parts. What are these parts?
A) concentration ratios; the Herfindahl-Hirschman Index; market standards B) concentration standards; concentration ratios; competitive analysis C) economic analysis; political analysis; dynamic analysis D) market definition; measure of concentration; merger standards