In Figure 29.1, the area that represents the value to the consumer under perfect competition is
A. OACQPC.
B. PPCAC.
C. OABQMonopoly.
D. ABC.
Answer: A
Economics
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The price of borrowing is known as the:
A. equilibrium price. B. interest rate. C. transaction cost. D. None of these is true.
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Which exchange rate is nearest the launch rate for the Euro against the Dollar?
(a) Parity. (b) Euro equals $1.18. (c) Euro equals $1.05. (d) Euro equals $1.24.
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Import trade controls, but not export trade controls, can be used as a weapon of foreign policy.
a. true b. false
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Starting from a long-run equilibrium, a reduction in potential output leads to ________ gap in the short run and to a ________ rate of inflation in the long run.
A. a recessionary; higher B. an expansionary; higher C. an expansionary; lower D. a recessionary; lower
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