Oligopolists behave independently of each other.
Answer the following statement true (T) or false (F)
False
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Price floors and price ceilings
A) always reduce total surplus. B) reduce consumer surplus and increase producer surplus. C) reduce producer surplus and increase consumer surplus. D) Not enough information to determine.
The fact that the United States exports Budweiser beer and imports Heineken beer can be explained by:
a. the differences in labor productivity in the U.S. and other countries. b. the differences in factor endowments in the U.S. and its trading partners. c. the fact that the world price of Budweiser beer is lower than Heineken beer. d. the fact that production of Budweiser beer in the U.S. is inadequate compared to its demand. e. the preference for foreign brands of beer by a part of the U.S. population.
One reason unions have declined as a percent of the workforce is that workers have shifted from __________ to __________ industries, which are harder to organize.
A. manufacturing; service B. service; manufacturing C. financial; manufacturing D. None of these choices are correct.
While the classicists believed that both velocity and output are stable, Keynesians believe:
A. velocity is stable and output is variable. B. velocity and output are both variable. C. output is stable and velocity is variable D. the same as the classical economists that both output and velocity are stable