A French export is a good
a. produced in France and sold to Britain
b. used in the production of a French good
c. produced in Britain
d. consumed in Britain
e. produced in Britain and sold to France
A
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The optimal collective decision rule is found where _____
a. decision-making costs are minimized b. the sum of the external and decision-making costs are minimized c. marginal political costs and marginal political benefits are equalized d. external costs are minimized
Refer to the graph below. If the industry were purely competitive, then the market price would be:
A. $25, which is higher than what the price would have been if the industry were a monopoly
B. $25, which is lower than what the price would have been if the industry were a monopoly
C. $20, which is higher than what the price would have been if the industry were a monopoly
D. $20, which is lower than what the price would have been if the industry were a monopoly
Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect.
At equilibrium, the producer surplus would be represented by the area
A. b. B. b + c + d. C. a. D. a + b.
Tobin's model of the speculative demand for money shows that people hold money as a store of wealth as a way of
A) reducing risk. B) reducing income. C) avoiding taxes. D) reducing transactions cost.