In an open economy, the price of a bushel of corn is ________.
A. $1
B. $7
C. $3
D. $5
Answer: D
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The minimum supply-price is the same as
A) marginal cost. B) market price. C) producer surplus. D) profit.
Direct transfer programs are generally less efficient and less politically acceptable than subsidy programs
a. True b. False
An economist from which of the following schools of thought would most likely say - "An increase in government expenditure will only increase inflation, because the aggregate supply curve is vertical"?
a. Neoclassical economics b. Traditional classical economics c. New Keynesian economics d. Keynesian economics e. Marxist economics
If the market mechanism is efficient, the marginal cost accurately measures the opportunity cost of a good or service.
Answer the following statement true (T) or false (F)