Suppose potatoes were produced in Canada by many, many firms in perfect competition. In Belgium, only one firm produces potatoes for the Belgium market. Suppose as well that for the competitive firms and the monopoly, minimum ATC is the same. We would expect then, that in Belgium the price of potatoes is _____________ and ____________ potatoes are produced and sold than in Canada
a. higher; more
b. lower; more
c. higher; fewer
d. lower; fewer
e. the same; fewer
C
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Which of the following would be part of the Thai demand for U.S. dollars?
a. A Thai street seller trying to sell a shirt to an American tourist b. A Thai bank selling dollars it possesses in exchange for euros c. An American exchanging dollars for Thai bahts that she will spend on her next vacation to Bangkok d. A Thai export company selling its products in the American markets e. A Thai importer who wants to buy a Caterpillar tractor
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 The opportunity cost of making a calculator for Smith is ________ and for Jones it is ________.
A. 1 computer; 0.5 computers B. 0.10 computers; 0.05 computers C. 10 computers; 20 computers D. 0.6 computers; 1.2 computers
When a consumer is able and willing to buy or service, he or she creates which of the following?
a) consumption b) demand c) elasticity d) Allocation
The federal backing for the money in the United States comes from:
A. pledging physical assets, such as land, natural resources, and public buildings as collateral for outstanding currency. B. protecting checkable deposits at financial institutions with deposit guarantees. C. control over the money supply designed to keep the value of money relatively stable over time. D. providing sufficient quantities of precious metals such as gold and silver to cover the amount of paper money in circulation.