Most industrialized nations today use a gold standard to establish exchange rates
a. True
b. False
Indicate whether the statement is true or false
False
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If the government restricts the selling of corn so that the quantity is less than the equilibrium quantity, then the policy I. creates a deadweight loss. II. decreases total surplus
A) Only I is correct. B) Only II is correct. C) Both I and II are correct. D) Neither I nor II is correct.
The federal government's major outlay in its budget is_______ and its major source of revenue is _______
A. debt interest; sales of government bonds B. expenditure on goods and services; taxes on goods and services C. Social Security and other benefits; personal income taxes D. subsidies to farmers; corporate taxes
Last year the imaginary country of Basova had a population of 10,000, 6,000 people worked 8 hours a day, and produced a real GDP of $30,000,000 . The imaginary country of Andovia had a population of 12,000, 8,000 people worked 8 hours a day, and produced a real GDP of $38,000,000 . Which of the following is correct?
a. Basova had higher productivity and higher real GDP per person. b. Andovia had the higher productivity and higher real GDP per person. c. Basova had the higher productivity while Andovia had the higher real GDP per person. d. Andovia had the higher productivity while Basova had the higher real GDP per person.
Which of the following is a feature of a contestable market?
A. There is a single firm in the market serving many consumers. B. There is a single firm in the market serving many consumers and the market price is equal to marginal cost. C. The market price is equal to marginal cost. D. There are several firms in the market serving many consumers.