A tariff will decrease the supply of the product
a. True
b. False
Indicate whether the statement is true or false
True
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Answer the following statements true (T) or false (F)
1. Special Drawing Rights are issued by the International Monetary Fund and are a principal source of international reserves. 2. The dollar shortage of the 1950's came about because the economies of foreign countries became competitive with the United States. 3. In the 1970's, the value of the U.S. dollar in world financial markets declined significantly. 4. The United States devalued the dollar twice in the 1970's to alleviate the world’s dollar shortage. 5. In the first half of the ', the value of the dollar was allowed to increase sharply to promote U.S. exports.
The monopolistic competitor differentiates its product and gets people to buy their product by providing better (1) ______, (2) ______, and (3) ______.
Fill in the blank(s) with the appropriate word(s).
When demand is highly inelastic and supply shifts to the right, price:
A. increases, quantity sold decreases, and total revenue decreases. B. falls, quantity sold increases, and total revenue increases. C. falls, quantity sold increases, and total revenue decreases. D. increases, quantity sold decreases, and total revenue increases.
Which of the following is an example of an implicit cost?
A) rent on a building B) the cost of fertilizer for a farmer C) the economic depreciation of capital equipment the business owns D) the cost of fuel and materials. E) wages paid to workers