Which point or output-combination in the graph below could the nation produce only if it experienced economic growth?
A. Combination F
B. Combination G
C. Combination C
D. Combination E
Answer: C
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In effect, during the period immediately following World War II, the world was on a(n):
a. gold standard. b. flexible-exchange-rate standard. c. U.S. dollar standard. d. exchange-rate standard dictated by Germany e. pegged-exchange rate standard.
Kyle works for a perfectly competitive firm where he receives a wage rate of $15. From this, one can infer that:
A. Kyle's reservation wage is $15. B. Kyle's value of marginal product is at least $15. C. the price of the firm's output is at least $15. D. Kyle's marginal product is at least $15.
The Fed is structured as an agency of the executive branch, with the Chairman of the Fed answering directly to the President.
a. true b. false
In the case of a small country, consumer surplus
A) decreases less with a tariff than with an equivalent quota. B) decreases less with a quota than with an equivalent tariff. C) decreases the same with tariffs and equivalent quotas. D) increases more with quotas.