OPEC has had a sustained effect on the price of oil since it was first founded in 1960
Indicate whether the statement is true or false
FALSE
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In the recent Global Economic Crisis, all of the following are causes that pushed the IS curve to the left EXCEPT
A) the negative wealth effect from the collapse of the housing bubble. B) the end of cash-out mortgage refinancing. C) growing unwillingness of banks and nonbank financial institutions to grant loan. D) slow and minimal response of the U.S. government.
You are an analyst with a perfectly competitive firm that makes DRAM memory chips. You must manufacture the chips before you know what the demand will be. If demand turns out to be high, then producing where E[MR] = MC rather than where MRH = MC lowers your profit by an amount equal to ________.
A) area A
B) area A plus the trapazoidal area marked by E and E
C) the trapezoidal area marked by E and E
D) area B + area C
Antidumping duties cannot be levied when the harm to domestic industries is very small
Indicate whether the statement is true or false
Which economic principle accounts for the fact that all-you-can-eat buffet restaurants can be profitable?
A. the principle of diminishing marginal utility B. the principle of comparative advantage C. the law of demand D. the law of supply