Suppose a country’s workers can produce 4 watches per hour or 16 rings per hour. If there is no trade
A. domestic price of 1 ring is 1/4th of a watch.
B. domestic price of 1 ring is 4 watches.
C. domestic price of 1 ring is 5 watches.
D. all of these.
Answer: A
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Which of the following nations spends more per person on healthcare?
A) Switzerland B) United Kingdom C) Germany D) None of the above nations spend more on healthcare.
With positive externalities, market equilibrium occurs at a quantity that is greater than the socially optimal output
a. True b. False Indicate whether the statement is true or false
A legal minimum on the price at which a good can be sold is called a price
A. subsidy. B. floor. C. support. D. ceiling.
Which of the following will cause a rightward shift of the market supply curve?
A. Change in consumers' tastes B. An increase in national income C. An increase in the product price D. A decrease in input prices