A country's balance of trade must be balanced.
Answer the following statement true (T) or false (F)
False
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Consider the market for peanut butter. If there is an increase in the price of peanuts,
A) there is a decrease in the supply of peanuts. B) there is a decrease in the demand for peanut butter. C) there is an upward movement along the supply curve for peanut butter. D) there is a decrease in the supply of peanut butter. E) the supply curve for peanuts shifts rightward.
Restricting access to endangered common resources assigns
A) permanent property rights to those people given permission to use the resource. B) temporary property rights to those people given permission to use the resource. C) property rights to no one since access has been restricted to only a select few. D) property rights to society in general since the resource is a common resource.
Price ceilings are designed to protect sellers, while price floors are designed to protect buyers
a. True b. False Indicate whether the statement is true or false
The degree of income inequality can be expressed with a:
a. Laffer curve b. Lorenz curve c. Lector curve d. Phillips curve