Comparative Advantage:
What will be an ideal response?
the ability to make a good at a lower (opportunity) cost than another producer
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If the production of a product results in significant external costs, an appropriate government policy might be to
A) subsidize the production of the good. B) tax producers and thus shift the supply curve to the left. C) tax consumers' incomes and thus shift the demand curve to the left. D) subsidize consumers since the good is being under-consumed.
Usury laws tend to hurt whom?
a. suppliers of loans b. consumers who cannot get credit c. bank stockholders d. All of the above are correct.
There are one-half million grain farmers in the country producing corn. The best model to analyze this market is
A. oligopoly. B. perfect competition. C. monopolistic competition. D. monopoly.
Calculate the MPS.
