Which of the following is most likely to be a fixed resource for the City Slicker's Dude Ranch?
a. the lodge where the guests stay
b. food for the guests
c. stable hands to take care of the horses
d. hay for the horses
e. water for the horses
A
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Which of the following can result in a market producing an inefficient quantity of a good? i. competition ii. an external cost or an external benefit iii. a tax
A) i only B) iii only C) ii only D) ii and iii E) i and iii
Suppose the current exchange rate between the euro and the United States dollar is 1.15 euros per dollar. If interest rates in the United States increase and interest rates in Europe remain unchanged then
A) the demand for dollars will increase. B) the demand for dollars will decrease. C) the demand for euros will increase. D) None of the above answers is correct.
"Because monetary policy must be approved by the president of the United States, the president is chair of the Federal Open Market Committee." Analyze the previous statement—is it correct or incorrect?
What will be an ideal response?
During World War II, price supports for agriculture:
a. were not generally needed because of high demand. b. were considered by Congress but never enacted. c. were rescinded in order to encourage reductions in output. d. led to decreases in the supply of many products.