An economy that is producing inside its production possibilities frontier can be efficient.
Answer the following statement true (T) or false (F)
False
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Of the three types of price-discrimination, which is impossible to practice in any market in reality?
A) first-degree price discrimination B) zero-degree price discrimination C) third-degree price discrimination D) second-degree price discrimination
If a country has a comparative advantage in the production of all goods, it should
a. specialize in the production of goods with the lowest opportunity cost b. specialize in the production of goods with the highest opportunity cost c. specialize in the production of goods with the absolute advantage d. specialize in the production of goods without the absolute advantage e. not specialize at all and produce all the goods itself
Whenever the general level of prices rises because of continual increases in aggregate demand, we say that the economy is experiencing
A. cost push inflation. B. aggregate supply shock. C. supply-side inflation. D. demand-side inflation.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.