Which of the following product-groups is a leading export of the United States?
A. Home appliances
B. Metals
C. Agricultural products
D. Computers
C. Agricultural products
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The existence of counterparty risk
A) has no effect on the contracting parties. B) is disallowed under current government regulations. C) results in information costs for buyers and sellers when analyzing the potential creditworthiness of potential trading partners. D) reduces the risk introduced by forward contracts.
Which of the following is true at the output level where P=MC?
A) The monopolist is maximizing profit. B) The monopolist is not maximizing profit and should increase output. C) The monopolist is not maximizing profit and should decrease output. D) The monopolist is earning a positive profit.
The law of demand indicates that as the price of a good increases:
a. suppliers sell less of it. b. suppliers sell more of it. c. buyers buy less of it. d. buyers buy more of it.
Answer the following statements true (T) or false (F)
1. The choice of the most efficient production technique is not affected by how much buyers want to buy the product. 2. In a market system, a consumer's willingness to pay—but not his ability to pay—is based on his income. 3. Even if prices are fixed and competition is restricted by the government, the "invisible hand" will still work in the economy and lead to economic efficiency. 4. In a competitive market economy, firms and resource suppliers seeking to further their own self-interest will end up, as though guided by an "invisible hand," promoting the public interest.