Today, no country fixes its currency to gold.
Answer the following statement true (T) or false (F)
True
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In 2007, the National Collegiate Athletic Association put a moratorium on new Football Bowl Series (formerly Division IA) teams. This policy will
A) protect the producer surplus of existing football programs. B) ensure that when entry occurs, producer surplus will not be zero. C) ensure that when entry occurs, producer surplus will be positive. D) ensure that consumer surplus is greater in the future.
According to the graph shown, if this economy were to open to trade, consumers would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. enjoy a net gain to surplus of DEFG.
B. suffer a net loss to surplus of DEFG.
C. suffer a transfer of surplus to the producer of DEFG.
D. experience deadweight loss of FG.
Assume that an economy has 2000 workers, each working 4000 hours per year. If the average real output per worker-hour is $10, then total output or real GDP will be:
A. $20 million. B. $100 million. C. $80 million. D. $40 million.
What is the relationship between price elasticity of demand and total revenue for the firm?
What will be an ideal response?