Market power is the power to produce at the lowest cost.
Answer the following statement true (T) or false (F)
False
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Real per capita GDP in the United States in 2015 was approximately
A. $16,349. B. $47,845. C. $50,820. D. $16.3 trillion.
If the United States imposed a quota on the amount of salmon imported from Chile, the result would be ________ salmon prices in the United States and ________ in the quantity of salmon demanded in the United States
A) higher; an increase B) higher; a decrease C) lower; an increase D) lower; a decrease E) higher; no change
Government printing of money to finance government spending is called
A) irresponsible. B) an open-market purchase. C) sterilization. D) seigniorage.
Other things equal, the supply of index cards is likely to be affected by all of the following except one. Which is the exception?
a. the price of wood pulp used in the production of index cards b. the technology in the index card production process c. the price of index cards d. the price of packaging material (a substitute in production) e. the future price of index cards expected by producers