The supply schedule shows the specific quantity of a good that suppliers are willing and able to:
A. demand at various prices.
B. produce at various costs.
C. hold back from the market when competition is reduced.
D. provide at different prices.
Answer: D
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Which of the following is an example of an activity that generates positive externalities
a. driving a car b. producing clothing c. washing your car d. education e. building a bridge
An economy's income is the same as its expenditure because every transaction has a buyer and a seller
a. True b. False Indicate whether the statement is true or false
In spite of less-than-optimal currency area criteria at present in the Eurozone, some believe that the existence of a working currency union will result in:
A) an improvement in the criteria, as the union members are committed to work for more integration. B) a gradual deterioration of the union, as members seek benefits from having an autonomous monetary policy. C) tension and a power struggle over which will be the dominant economy in the union. D) more delay in implementing needed reforms.
If we allow free trade in a small nation's industry where there is a domestic monopolist, the monopoly firm:
a. gains even more power. b. sees its profits rise. c. becomes a price taker, is not able to charge a higher price, and behaves like a competitive firm. d. is able to charge a higher price.