What was the largest and most important economic event of the 1900s?
a. The terrorist attacks of 9/11.
b. Ronald Reagan's tax cuts.
c. The Great Depression.
d. The inflation of the 1970s.
C
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A nation will neither export nor import a specific product when its
A. export supply curve lies above its import demand curve. B. export supply curve is upward-sloping. C. domestic price equals the world price. D. import demand curve is downward-sloping.
Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price, a
A) shortage exists and the price falls to restore equilibrium. B) shortage exists and the price rises to restore equilibrium. C) surplus exists and the price falls to restore equilibrium. D) surplus exists and the price rises to restore equilibrium. E) surplus exists but nothing happens until either the demand or the supply changes.
If the fixed costs are relatively small, a relatively good approximation to the correct transfer price is
a. average costs b. average fixed costs c. average variable costs d. the market price
A perfectly competitive market is one where:
A. each firm controls the price charged for its product by changing the quantity they produce. B. each firm sells at the government mandated price. C. each firm within the market must sell its good at the market price. D. a firm can affect market price by increasing output.