In the political marketplace, voters do all of the following EXCEPT
A) benefit from public goods and services.
B) pay some taxes.
C) vote.
D) evaluate policy proposals of bureaucrats.
D
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Assume that after you graduate, you move to a simple economy in which only three goods are produced and consumed: fish, fruit, and meat
Suppose that on January 1, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per pound. At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 per pound, and meat prices had actually fallen to $2.00. Can you say what happened to the overall CPI, in terms of whether it increased, decreased, or stayed the same? Do you have enough information to calculate the inflation rate? Note, this problem requires no calculation; just state and explain your answers.
The market where currencies may be bought and sold for delivery in a future period is known as
A) the forward exchange market. B) the spot exchange market. C) the purchasing power market. D) the futuristic exchange market.
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others
a. fixed cost b. variable cost c. opportunity cost d. total cost
Refer to Figure 12-7. If the market price is P1
A) The firm will experience a loss since price is less than ATC. B) The firm will experience a loss and raise its price to P2. The firm will then break even. C) The firm may make a profit if it can increase the demand for its product. D) The firm will break even by producing a quantity of Q2.