Long-run equilibrium will occur at the price level at which
A) the aggregate demand and long-run aggregate supply curves intersect.
B) the short-run aggregate supply and long-run aggregate supply curves intersect.
C) the long-run aggregate demand and short-run aggregate supply curves intersect.
D) the aggregate demand and short-run aggregate supply curves intersect.
A
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The Peltzman study suggests that minimum standards of quality
a. overall create a net benefit for consumers by protecting them from dangerous products. b. overall hurt consumers by limiting entry and raising prices. c. are beneficial to consumers only when they are strictly enforced. d. rarely have any significant effect on the market.
When governments specify the maximum amount of a good that may be imported in a given period of time, they are establishing a
A) tariff. B) quota. C) dynamic tariff. D) tax. E) dumping limit.
If one Mexican peso was worth 0.05 U.S. dollar, then one U.S. dollar would be worth:
a. 20 Mexican pesos. b. 0.05 Mexican pesos. c. 0.05 U.S. dollars. d. 20 U.S. dollars. e. 1 Mexican peso.
Government certification of the weights and measures used in business can be justified on the grounds that
What will be an ideal response?