During the American Revolution, Washington's army nearly starved to death after price controls were enacted to "help" buy food for the army at affordable prices. The Continental Congress later passed a law which
a. exhorted the public to obey the law and help supply food to the army.
b. passed tax increases to punish those who refused to sell the food.
c. revised the American Law of Supply and Demand.
d. overrode local ordinances and essentially repealed the price controls.
e. called for the repeal of other price control measures.
e
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One reason for international specialization in production is
a. a high tariff imposed by a national government b. a low tariff imposed by a national government c. diminishing returns to a variable factor of production d. the different resource endowments throughout the world e. high fixed costs of production
Benefits that accrue directly to the decision maker of a market exchange are called:
A. private benefits. B. network benefits. C. external benefits. D. social benefits.
Microeconomics focuses on ____; macroeconomics concentrates on ____
a. the basic tools of analysis; the use of abstractions and models b. the economies of various countries; the decisions of individual companies c. the decisions of individual units; the behavior of entire economies d. the economic aggregates; the decisions of individual units
When the interest rate is low, planned investment is ________ so output is ________.
A. high; low B. high; high C. low; high D. low; low