United States’ economic activity is responsible for what percentage of worldwide shipping volume?
a. 20 percent
b. 43 percent
c. 28 percent
d. 50 percent
Ans: a. 20 percent
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If the price level in any country increases by 15 percent during a year, then the price index for that year will be 85 as compared to the base year
a. True b. False Indicate whether the statement is true or false
A pure monopoly
a. is the only firm that produces all of the products its competitors produce b. is the single seller of a unique product c. is bigger than all its competitors combined d. has only one customer e. is always profitable in the short run
Federal subsidies to higher education have the effect of
a. increasing the demand for higher education b. increasing the supply of higher education c. decreasing the demand for higher education d. decreasing the supply of higher education
Price ceilings during times of war cause consumers' surplus to fall relative to its magnitude without market intervention
Indicate whether the statement is true or false