In an increasing-cost industry, the long-run market supply curve is:
A. positively sloped.
B. negatively sloped.
C. vertical.
D. horizontal.
Answer: A
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The table above shows a production possibilities frontier for an economy. Which of the following combinations is unattainable?
A) 300 loaves of bread and 200 books B) 100 loaves of bread and 800 books C) 0 loaves of bread and 800 books D) 200 loaves of bread and 800 books E) 0 loaves of bread and 0 books
Which is least accurate about foreign trade?
a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries. b. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade. c. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping. d. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
The debt floor limits the total amount of money the federal government can legally borrow
Indicate whether the statement is true or false
When free mobility of factors of production is added to a common market, the result is a customs union.
a. true b. false