An economic community
(a) attempts to raise prices by restricting quantity.
(b) seeks to stabilize commodity prices.
(c) seeks concessional loans.
(d) imposes a common external tariff.
(e) none of the above.
D
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What might explain a professional baseball player having lower production the year after signing a multi-million dollar contract?
A) the substitution effect B) the endowment effect C) bounded rationality D) the income effect
Lisa eats both pizzas and burritos. If the price of a pizza increases, Lisa's opportunity set
A) becomes larger. B) becomes smaller. C) is unchanged. D) cannot be determined without more information.
The interest rate effect is one of the
A) reasons why an AD curve is downward-sloping. B) shifters of an AD curve. C) reasons why a short-run aggregate supply curve can be derived. D) shifters of a short-run aggregate supply curve.
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $42, then in the long run the firm will
A. operate and expand. B. operate but not expand. C. shut down, but not go out of business. D. go out of business.