The above figure shows the market for pizza. The market is in equilibrium when the cheese used to produce pizza falls in price. What point represents the most likely new price and quantity?
A) A
B) B
C) C
D) D
E) E
D
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A nation will export a good if its
A) no-trade, domestic price is less than the world price B) no-trade, domestic price is equal to the world price. C) no-trade, domestic price is greater than the world price. D) no-trade, domestic quantity is less than the world quantity. E) no-trade, domestic quantity is greater than the world quantity.
The governmental expense of a farm price support tends to diminish as the price of the good rises.
Answer the following statement true (T) or false (F)
As a percentage of total federal revenues, the individual income tax has _____
a. increased substantially since 1960 b. declined substantially since 1960 c. increased slightly since 1960 d. declined slightly since 1960
Based on the relative size of factor payments, the most important resource in the U.S. economy is
a. capital. b. land. c. labor. d. natural resources.