In the above figure, the firm will shut down if quantity falls below
A. A.
B. B.
C. C.
D. D.
Answer: A
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The demand and supply schedules for pizza are in the table above. If the government sets a maximum legal price of $2 per slice of pizza, then
A) there is a shortage of 20 slices of pizza. B) this maximum price is an example of a price floor. C) this maximum price is an example of a price ceiling. D) Both answers A and C are correct. E) Both answers B and C are correct.
To correct for the underproduction of products with positive externalities, the government must
A) provide the incentives for the private sector to produce and consume the good. B) provide tougher regulations on the industry. C) increase taxes on the industry. D) fine the industry.
The higher the price of a foreign currency, the more expensive that foreign country's goods and services are to individuals in the domestic economy
a. True b. False
In which of the following decades was there both high inflation and rapid money supply growth in the US?
a. the 1970's and the 1990's b. the 1970's but not the 1990's c. the 1990's but not the 1970's d. neither the 1970's nor the 1990's