The _____ is both a forum where farmers decide what their dues will purchase, and an organization that informally coerces payments from them
a. beekeeper's cooperative
b. government cooperative
c. beekeeper's association
d. farmer's association
D
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At a perfectly competitive firm’s short-run equilibrium level of output,
A. P = MR = MC. B. P = MR, but MR does not equal MC. C. P = MC, but MR does not equal MC. D. MR = MC and P < MR.
Madison, a U.S. citizen, works only in Germany. The value she adds to production in Germany is included
a. in U.S. GDP, but it is not included in German GDP. b. in German GDP, but it is not included in U.S. GDP. c. in both German GDP and U.S. GDP. d. in neither German GDP nor U.S. GDP.
Refer to the diagram to the right. According to the? diagram, at what point is aggregate expenditure greater than? GDP?
A.) L B.) J C.) K D.) None of the above.
Refer to the accompanying figure. Suppose a consumer protection group convinces the government to impose price controls in this market. If the government requires cheese to be sold for less than the equilibrium price, then, relative to before the price controls, total consumer surplus in the market:
A. would increase because consumers would be able to purchase more cheese at a lower price. B. would increase because consumers would be able to purchase the same quantity of cheese at a lower price. C. would decrease because of the reduction in equilibrium price. D. could either increase or decrease.