Refer to the diagram. Which of the following supply and demand shifts portray the long-run problem that farms face?
A. S to S and D to D
B. S to S and D to D
C. S to S and D to D
D. S to S and D to D
B. S to S and D to D
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Firms with market power offer a differentiated product in order to
a. follow the trends b. increase market power c. support its contractors in low-wage countries d. fill up costly warehouses e. All of the answers are correct.
The Federal Reserve System functions as America's
a. tax collector. b. stock and bond market. c. savings bank. d. central bank.
In the U.S. economy, foreigners participate in:
A.) The factor market only. B.) The product market only. C.) Both the product and factor markets. D.) Foreigners do not participate in the U.S. economy.
When Brazil can generate a product using fewer labor hours and resources than the United States, an economist would say that Brazil had:
A. a comparative advantage in production of the product. B. an absolute advantage in production of the product. C. a higher opportunity cost of producing the product. D. no incentive to import the product, regardless of the cost-price conditions for other products.