Who are the price takers in a perfectly competitive market?
A. both the buyers and the sellers
B. the buyers
C. neither the buyers nor the sellers
D. the sellers
Answer: A
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Refer to the figure above. What is the quantity effect of a price reduction from $6 to $4?
A) $600 B) $800 C) $1,000 D) $1,200
According to the above table, the marginal factor cost of the eighth worker is
A) $27.00. B) $48.00. C) $168.00. D) $216.00.
Food rationing during World War I under the wartime food administration featured
a. voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays." b. a broad policy of direct controls on prices set by the Food Administrator. c. rationing for all food products except sugar. d. a pervasive belief that fear of government retribution, rather than appeals to moral principles, was key to reducing consumption, and maintaining food surpluses for export.
Identify the international organization that makes loans to developing countries
a. The World Bank b. The Federal Reserve c. The World Trade Organization d. The Industrial Development Board e. The Bank of England