Farm price supports require that the government buy up surplus goods.
Answer the following statement true (T) or false (F)
False
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If people expect inflation to occur, they will make more consumption purchases today
Indicate whether the statement is true or false
A cartel is a group of sellers of a single product who have joined together in order to enjoy the advantages of perfect competition
a. True b. False Indicate whether the statement is true or false
A picture frame company operates in a competitive price-searcher market. Its short-run equilibrium price is $80 and its ATC is $65 . It sells 100 picture frames a week. From this we can conclude
a. this firm is making a normal profit. b. other picture frame companies will want to exit the market. c. there are no other picture frame companies in the area. d. economic profits are $1,500. e. total profits are being maximized.
One of the factors that causes differences in inequality across countries is:
A. how many income earners there are relative to total population. B. the extent to which governments redistribute income through the public budget. C. the amount of jobs that are available in the country. D. the labor force participation rate within countries.