In order to make a rational choice, people must
A) decide quickly without wasting time.
B) be able to afford the choice decided upon.
C) determine what is in the social interest.
D) only know what they want.
E) compare marginal costs and marginal benefits.
E
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Which of the following is NOT similar between monopolistic competition and perfect competition?
A) Many firms compete in the market. B) It's easy to enter the market. C) The firms have downward sloping demand curves. D) The firms might incur economic losses in the short run. E) In the long run, the firms earn zero economic profit.
A natural region over which a single currency dominates as a medium of exchange is called
A) sovereign nation. B) monetary union area. C) common currency area. D) currency union.
Bertha considers borrowing funds to invest in expanding her dress shop. She is less likely to do that if interest rates increase.
a. true b. false
A small country is considering imposing a tariff on imported wine at the rate of $5 per bottle. Economists have estimated the following based on this tariff amount: World price of wine (free trade):$20 per bottleDomestic production (free trade):500,000 bottlesDomestic production (after tariff):600,000 bottlesDomestic consumption (free trade):750,000 bottlesDomestic consumption (after tariff):650,000 bottles The imposition of the tariff on wine will cause the surplus of the domestic consumers to ________ by about
A. fall; $3.5 million. B. fall; $10 million. C. rise; $3.5 million. D. fall; $250,000.