Assuming wages are indexed to inflation, if prices rose by 1.4 percent this month and your last month's wage was $1,000, your wage this month would be $1,014
a. True
b. False
Indicate whether the statement is true or false
True
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After a price floor of $23 is placed on the market in the graph shown:
A. some consumers lose because they pay a higher price.
B. some producers gain because they sell at a higher price.
C. the quantity traded in the market falls.
D. All of these are true.
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.
A productive efficient society
A) produces at a point on its PPF. B) can produce more of one good only by giving up some of another good. C) cannot produce unlimited amounts of a good. D) still has to make choices. E) all of the above
The U.S. has an absolute advantage in the production of
A. beer.
B. pizza.
C. both beer and pizza.
D. neither beer nor pizza.