If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars?
A) The supply curve will shift to the right. B) The supply curve will shift to the left.
C) The demand curve will shift to the left. D) The demand curve will shift to the right.
A
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The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $10.00 per week. Milkshakes cost $2.00 each and sodas cost $1.00 each
What quantity of milkshakes does Tom purchase at his consumer equilibrium? A) one B) two C) three D) four
Consider two similar economies hit by the same temporary negative supply shock. In the economy with the more credible monetary policy, there will be ________
A) smaller increases in both inflation and the real interest rate B) a smaller increase in inflation and larger increase in the real interest rate C) a smaller increase in inflation and larger decrease in output D) a smaller increase in output and larger increase in the real interest rate
In the long-run, in a monopolistically competitive market:
a. marginal revenue is greater than average revenue. b. price equals marginal cost. c. price equals minimum average total cost. d. the firms earn positive economic profits. e. resources are inefficiently allocated .
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Dan has the comparative advantage in sandwiches, but Tracy has the absolute advantage in sandwiches. B. Dan has the comparative and absolute advantage in sandwiches. C. Dan has the comparative advantage in smoothies, but Tracy has the absolute advantage in smoothies. D. Dan has the comparative and absolute advantage in smoothies.