In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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On a diagram of a production possibilities frontier, opportunity cost is represented by the slope of the production possibilities frontier
Indicate whether the statement is true or false
The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)
A) oil monopoly. B) cartel. C) competitive arrangement. D) prisoner's dilemma.
Internet auctions
a. allow specialized sellers to reach many customers at low cost b. allow specialized buyers to reach many sellers at low cost c. always take the form of a Dutch auction d. always take the form of an English open outcry auction e. are rapidly being replaced by continuous open outcry auctions
The discount rate refers to the:
A. rate of interest the Fed charges for loans to individuals. B. rate of interest the Fed charges for loans to banks. C. lower price large institutions pay for government bonds. D. rate of interest the Fed charges for loans to government.