According to the World Bank, nearly 2 billion people are classified as being in ________ poverty.
A. harsh
B. overwhelming
C. severe
D. extreme
Answer: C
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If an import quota is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
"Barter" implies that
A) to get one good or service, an individual offers another. B) to get one good or service, an individual offers money. C) to get a check, an individual offers a good or service. D) different kinds of money are exchanged for each other. E) none of the above
The value of a country's currency, in terms of some other country's currency, is called
A. the exchange rate. B. the stock exchange. C. the nominal interest rate. D. dollarization.
A perfect competitive firm maximizes profits by producing that output where P = MC. (Hint: consider the relationship between P and MR for a perfectly competitive firm).
a. true b. false