The Second Bank of the United States was deemed unconstitutional and, therefore, its charter was not renewed
Indicate whether the statement is true or false
False
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The use of checks in transactions
A) entails lower information costs than the use of currency. B) entails fewer steps than settling transactions with currency. C) avoids the cost of transporting currency back and forth. D) entails lower information and fewer steps than settling transactions with currency.
Economies of scale are often confused with
A) market demand curves. B) long-run average fixed cost curves. C) short-run average total cost curves. D) learning curves.
Which of the following is a difference between a tax and a subsidy? a. A tax is money paid to the government, while a subsidy is money received from the government
b. There is a deadweight loss associated with a tax, while there is no deadweight loss associated with a subsidy. c. A tax increases quantity supplied, while a subsidy decreases quantity supplied. d. A tax increases consumer surplus, while a subsidy decreases producer surplus
Refer to Figure 35.3 for the production possibilities curves for the United States and Mexico. These two curves indicate that
A. There is no benefit to the United States as a result of trading tomatoes or machinery with Mexico. B. Mexico does not have an absolute advantage in the production of either good. C. Mexico has a comparative advantage in the production of tomatoes. D. The United States has a comparative advantage in the production of machinery.