The United States is the largest consumer and importer of grains and other agricultural output in the world
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the figure above. After the demand curve shifts to D2, if the price is held below the new equilibrium, then:
A) the quantity demanded will equal the quantity supplied. B) the quantity demanded will be greater than the quantity supplied. C) the quantity demanded will be less than the quantity supplied. D) there will be zero deadweight loss.
An endogenous variable is typically ________
A) taken as given B) strictly explained outside the model C) strictly explained inside the model D) strictly explained by data E) strictly explained by graphical analysis
Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $3. (iii) Total revenue equals $900
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)
Appreciation of the U.S. dollar can be caused by
A. A decrease in the demand for dollars. B. An increase in the supply of dollars. C. An increase in the demand for dollars. D. A decrease in the U.S. interest rate.