Manufacturers of packaged foods are not required to list nutritional contents on their labels
Indicate whether the statement is true or false
F Many packaged foods must have labels that include nutritional information.
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A majority of the world's exports are exported to
a. small countries b. less-developed countries c. poor countries d. industrially-developed countries e. the United States
Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000 . Michael's willingness to pay is
a. $500. b. $3,000. c. $3,500. d. $6,500.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
A. reduce its costs. B. charge higher prices. C. make demand more inelastic. D. earn a bigger profit.