To an economist, all choices have costs
Indicate whether the statement is true or false
True
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Use the following supply and demand graph to answer the question below.
In the graph, line S is the current supply of this product, while line S1 is the optimal supply from the society's perspective. If government corrects this externality problem and shifts production to the socially optimal level, then the product price will be equal to
A. 0G. B. 0D. C. 0F. D. 0E.
Japan's trade policies with regard to rice reflect the fact that
A) japanese rice farmers have significant political power. B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop. C) there would be no gains from trade available to Japan if it engaged in free trade in rice. D) there are gains from trade that Japan captures by engaging in free trade in rice. E) Japan imports most of the rice consumed in the country.
Game theory would classify a cartel under the topic of
A) zero-sum games. B) cooperative games. C) noncooperative games. D) dominant-strategy games.
The longer the unemployment rate remains above the natural rate, the higher the natural rate. This theory is known as historical analysis
a. True b. False Indicate whether the statement is true or false