The U.S. Postal Service enjoys a monopoly position because of patent rights
a. True
b. False
Indicate whether the statement is true or false
False
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Crowding out refers to the situation in which:
a. borrowing by the federal government raises interest rates and causes firms to invest less. b. foreigners sell their bonds and purchase U.S. goods and services. c. borrowing by the federal government causes state and local governments to lower their taxes. d. increased federal taxes to balance the budget causes interest rates to increase and consumer credit decreases.
Phil and Kelly have always wanted to take a cruise. Although willing to pay $5,000 for a Caribbean cruise for two, they were able to purchase a cruise vacation for two for $3,500 . Their total consumer surplus amounted to:
a. $750 b. $5,000. c. $1,500. d. $3,500.
A decrease in demand and an increase in supply results in a(n)
a. decrease in equilibrium price and an ambiguous effect on equilibrium quantity b. increase in equilibrium price and an ambiguous effect on equilibrium quantity c. ambiguous effect on equilibrium price and an increase in equilibrium quantity d. ambiguous effect on equilibrium price and an decrease in equilibrium quantity e. increase in equilibrium price and a decrease in equilibrium quantity
The rules established under GATT are enforced by the
a. governments of the nations that are involved in GATT. b. North American Free Trade Association. c. World Trade Organization. d. European Union.