In order to not face tradeoffs, scarcity would have to be eliminated
a. True
b. False
Indicate whether the statement is true or false
True
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What three conditions must hold for a firm to successfully price discriminate?
What will be an ideal response?
Import restrictions usually benefit domestic producers at the expense of domestic consumers
a. True b. False
Sadie works at a factory for $15 an hour and typically works 40 hours a week. Sadie gets a pay raise and now earns $20 an hour. She decides to work 45 hours a week at $20 an hour. Her response:
A. tells us the price effect outweighed the income effect of her pay raise. B. implies her labor-supply curve is upward sloping. C. is typically what is observed. D. All of these statements are true.
A country running a balance of payments surplus in a fixed exchange rate system may have to ____ its currency
a. depreciate b. devalue c. revalue d. appreciate