Fill in the blank: Producers will compare ________ benefits to ________ costs when considering how much output to produce
A) average; additional
B) additional; additional
C) additional; average
D) average; average
B
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. An import quota of 35 units would
A) cause consumer surplus to fall by "g." B) cause social welfare to fall by $35. C) increase domestic producer surplus by "g." D) have no effect.
Which of the following countries went through a financial crisis in 1997?
a. Russia b. Canada c. Italy d. India e. Korea
The economy needs some unemployment to operate efficiently, because without it:
A. firms will find it difficult to recruit workers, leading to increased wages and prices. B. firms will find it difficult to recruit workers, leading to reduced wages and prices. C. workers will find it difficult to find a job, leading to increased wages and prices. D. workers will find it difficult to find a job, leading to reduced wages and prices.
The costs in time and effort incurred by people and firms who are trying to minimize their holdings of cash because of inflation are called
A. transactions costs. B. menu costs. C. imperfect competition costs. D. shoe leather costs.