Which of the following is most likely to generate a surplus?
A) a price floor
B) a price ceiling
C) an illegal market
D) all of these
Answer: A
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Suppose that in 2012, real GDP is larger than nominal GDP. The GDP price index in 2012 is definitely
A) less than 100. B) larger than the GDP price index in 2012. C) greater than 100. D) negative. E) less than the GDP price index in 2012.
Financial intermediaries are
A) institutions that regulate financial instruments. B) organized exchanges where currencies are traded. C) organized exchanges where securities and financial instruments are bought and sold D) institutions that make loans to borrowers and obtain funds from savers.
In order to gain competitive advantage, it would be more important to encourage a company to invest in ____ factors of production.
Fill in the blank(s) with the appropriate word(s).
Which of the following is TRUE with respect to specialization?
A. Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization. B. With a given set of resources, specialization results in higher output. C. Adam Smith in The Wealth of Nations referred to specialization and division of labor. D. All of these are correct.