Refer to Table 2.3. What can be observed about the given resources?
A) Capital is fixed. B) Capital is variable.
C) Capital and labor are both fixed. D) Labor is fixed.
A
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De Beers has a monopoly in the market for diamonds because they own a significant portion of the known diamond mines. One important source of challenge to De Beers' control of the diamond market is
a. the additional market supply from Russia, Australia, and Canada b. the emerging auction markets for diamonds in France and Spain c. the growing demand for diamonds in industrial uses d. that its South African mines are not producing as many diamonds as they did decades ago e. antitrust legislation in the United States
Which of the following statements is true of the economy in the long run?
1. real GDP eventually moves to potential because all wages and prices are assumed to be flexible. 2. the economy can achieve its natural level of employment and potential output at any price level. 3. there is no cyclical unemployment. A. I only B. I and II only C. I and III only D. I, II, and III
Commercial banks increase the supply of money when they purchase either personal IOUs or government bonds from businesses and households.
Answer the following statement true (T) or false (F)
A consumer values a car at $30,000 and a producer values the same car at $20,000 . The transaction will not take place if a tax is imposed
a. equal to the seller surplus b. smaller than the total surplus c. larger than the total surplus d. smaller than the buyer surplus