Higher prices for scarcer resources can improve the efficiency of an economy.
Answer the following statement true (T) or false (F)
True
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A futures contract is an agreement to buy a commodity at a specific future date, at a price set today
a. True b. False Indicate whether the statement is true or false
The monetary stimulus post-September 11, 2001, achieved some desired effects within the year
a. True b. False Indicate whether the statement is true or false
When supply and demand for a product increase simultaneously, we
A. cannot predict the market clearing price, but know that the equilibrium quantity will increase. B. can predict that both the market clearing price and the equilibrium quantity will increase. C. can predict that both the market clearing price and the equilibrium quantity will decrease. D. cannot predict the change in either the equilibrium quantity or the market clearing price.
In 18th century Europe, governments gave guilds legal authority to limit production of goods. This authority obstructed the market mechanism because the guild's actions prevented the forces of ________ from coordinating the self-interested decisions of
producers and consumers. A) absolute advantage B) demand and supply C) opportunity cost D) nature