Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML
a. can choose the price at which it sells its butter but not the quantity of butter that it produces.
b. can choose quantity of butter that it produces but not the price at which it sells its butter.
c. can choose both the price at which it sells its butter and the quantity of butter that it produces.
d. cannot choose either the price at which it sells it butter or the quantity of butter that it produces.
b
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Which of the following might result in an underestimation of GDP?
a. Significant underground activity such as trade in illegal drugs b. Sales of used cars c. Many intermediate goods d. Imported goods e. Exported goods
When Milton Friedman said that "inflation is always and everywhere a monetary phenomenon," he was referring to
A) one-shot inflation. B) continued inflation. C) a and b D) neither a nor b
Exploiting a nonrenewable natural resource is likely to:
A. create more productive workers in all facets of the economy. B. lead to a sustainable high rate of growth in income for a country. C. lead to a higher level of income for a country. D. All of these are true.
Excise tax is considered ______ because lower earners pay a ______ percentage of their income for this type of tax.
a. progressive; higher b. regressive; lower c. regressive; higher d. progressive; lower