After a binding price floor becomes effective, a
a. smaller quantity of the good is exchanged.
b. a larger quantity of the good is demanded.
c. a smaller quantity of the good is supplied.
d. All of the above are correct.
a
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If a nation has an absolute advantage in producing a good, then it
A) will have a comparative advantage in producing that good. B) will have no need to trade with other nations. C) will always specialize in that good. D) might or might not have a comparative advantage in producing that good. E) will not have a comparative advantage in producing that good.
A profit-maximizing firm will continue to expand output
a. as long as the revenues from the production and sale of an additional unit exceeds the average costs of the unit. b. until the average cost of producing the good or service is at a minimum. c. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. d. until the marginal cost of producing a good or service is at a minimum.
The Federal Open Market Committee has _____ members.
A. 7 B. 10 C. 12 D. 14
If your neighbors remove the weeds in their yard and this activity prevents weed seeds from blowing into your yard, the benefit you receive is a public good.
Answer the following statement true (T) or false (F)