The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will export ________ and France will export ________
A) fish; wheat
B) wheat; wheat
C) fish; fish
D) nothing; nothing
E) wheat; fish
A
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A monopolist may choose a price lower than the profit maximizing price because?
a. its costs curves are not the most efficient in the market b. it wants to prevent the government from deciding to regulate the monopoly c. the market prefers a lower price d. it want to encourage potential competitors to enter the market
If the Federal Reserve decides to decrease the money supply, which of the following most likely will occur?
(A) An increase in private investment and consumer expenditure (B) A decrease in private investment and consumer expenditure (C) An increase in private investment and a decrease in consumer expenditure (D) A decrease in private investment and an increase in consumer expenditure
Marginal product is
A. the output of the least skilled worker. B. a worker's output multiplied by the price at which each unit can be sold. C. the amount any given worker contributes to the firm's total revenue. D. the amount an additional worker adds to the firm's total output.
The official poverty income threshold in the United States is:
A. not adjusted for the effects of inflation. B. adjusted for inflation. C. adjusted for increases in standard of living. D. adjusted for changes in the basket of food purchased by the average family.