During the Revolutionary War, the Pennsylvania legislature attempted to aid the Continental Army by setting wage floors for soldiers in the army.
Answer the following statement true (T) or false (F)
False
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Tunitra consumes at a point on her budget line where her marginal rate of substitution exceeds the magnitude of the slope of her budget line. As Tunitra moves toward her consumer equilibrium point, she will move to a
A) lower budget line. B) higher budget line. C) lower indifference curve. D) higher indifference curve.
With a monopoly, the producer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
Producer surplus is
a. represented on a graph by the area below the demand curve and above the supply curve. b. the amount a seller is paid minus the cost of production. c. also referred to as excess supply. d. All of the above are correct.
In the short run, an increase in net exports causes
A. an increase in real GDP and the price level. B. an increase in real GDP and a decrease in the price level. C. adecrease in real GDP and an increase in the price level. D. a decrease in real GDP and the price level.