Specialization and trade can make everyone better off if a person can obtain goods at prices that are less than that person's opportunity cost
a. True
b. False
Indicate whether the statement is true or false
True
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When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
Explain what is meant by the term production
What will be an ideal response?
Which of the following statements is correct?
A) The Fed has difficulty covering its normal expenses, but is reluctant to ask Congress for money. B) The Fed is dependent on the annual appropriations it receives from Congress. C) The Fed's profits are substantial, even when compared to the largest U.S. corporations. D) At one time the Fed made substantial profits, but falling interest rates have greatly reduced them.
When the chairman of the Federal Reserve announced a goal of "zero inflation," which of the following economic policies was most likely being changed?
A. Supply-side policy. B. Monetary policy. C. Fiscal policy. D. Congressional policy.