Between 1821 and 1930, the U.S. gained a comparative advantage in the production of agricultural goods
Indicate whether the statement is true or false
False (It gained a comparative advantage in producing manufacturing goods.)
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Which of the following always lowers the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
A publisher sells $400,000 worth of books, magazines, and other reading materials in a given year. The publisher earns a profit of $100,000 that year. Her purchase invoices indicate that she bought $100,000 worth of glue, paper, and other materials during the year. Her labor costs were $150,000, and she purchased $45,000 of new equipment that year. Calculate her tax liability under a 12% consumption-type, value-added tax.
What will be an ideal response?
The indifference curves for left shoes and right shoes would most likely be
A) upward sloping and concave to the origin. B) downward sloping and convex to the origin. C) downward sloping and straight lines. D) L-shaped.
Which of the following contributes to a firm maintaining a monopoly?
A. Homogeneous products in the market. B. A large number of firms in the industry. C. The existence of substitute goods. D. Exclusive franchises.