Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market, ceteris paribus: The European Union tightens restrictions on the agricultural products that can be imported from the United States. (See Figure 29.4.)
A. a.
B. b.
C. c.
D. d.
Answer: C
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Bill Gates wants billions of dollars, and has them. Buddha wanted nothing, and had nothing. What can an economist conclude?
A) Gates is wealthy, Buddha wasn't. B) Buddha was wealthy, Gates isn't. C) Gates is wealthy, and so was Buddha. D) Nothing
Are the concepts of equity and efficiency different? Why or why not?
What will be an ideal response?
Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $15, what is Giuseppe's profit-maximizing output?
A) 2 pizzas per hour B) 3 pizzas per hour C) 4 pizzas per hour D) 0 pizzas per hour
Most bank deposits in the United States are insured by the Federal Deposit Insurance Corporation (FDIC).
Answer the following statement true (T) or false (F)