Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. An increase in supply is represented by the movement from
A. S2 to S3.
B. Point B to Point C along supply curve S2.
C. Point B to Point A along supply curve S2.
D. S2 to S1.
Answer: A
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The upward slope of the supply curve reflects the
A. principle of specialization in production. B. fact that price and quantity supplied are inversely related. C. law of increasing substitution. D. principle of diminishing marginal productivity
Which of the following statements concerning opportunity costs is false?
a. Opportunity costs are only expressed in money terms. b. Every choice involves opportunity costs. c. Opportunity costs are the highest-valued alternatives that must be forgone when a choice is made. d. The concept of opportunity cost is used to demonstrate scarcity. e. Economists refer to the forgone benefits of the next-best alternative as opportunity costs.
When the United States imposed a 25% tariff on imported pickup trucks, the price of Japanese pickup trucks in the United States:
a. rose by 25%. b. rose by less than 25%. c. rose by more than 25%. d. fell by less than 25%.
The agency which functions as a "lender of last resort" for national governments is the
A) International Trade Organization. B) International Monetary Fund. C) World Trade Organization. D) World Trade Fund.