Price floors set a legal minimum price on a product or commodity
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following table for Country X to answer the next question. Column 1 of the table is the world price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd). Assume the small-country model is applicable.PriceQddQsd$5.002004004.002503503.003003002.003502501.00400200At what world price will Country X import 100 units of the product?
A. $4.00 B. $2.00 C. $1.00 D. $3.00
What happens to the price of the product and total revenue for a perfectly competitive firm if it doubles the amount of output it supplies in the market?
What will be an ideal response?
Inequality between countries, in terms of differences in their average national incomes, has been:
A. increasing over recent decades. B. decreasing over recent decades. C. decreasing since the 1930s. D. increasing since the 1930s.
Natural rate of unemployment - a × (?ctual inflation - Expected inflation) =
a. Quantity of goods and services demanded. b. Quantity of goods and services supplied. c. Unemployment rate. d. Previous year's inflation rate.