Toby sells wheat in a perfectly competitive market. The demand curve for Toby's wheat is:
A. horizontal.
B. vertical.
C. downward sloping.
D. U-shaped.
Answer: A
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When a policy creates the most social gain possible, it is considered "best" by the
a. efficiency criterion. b. Pareto criterion. c. Edgeworth criterion. d. maximin criterion.
Assuming all else equal, if there is a contraction in the quantity of bank account balances, it will cause:
A) a downward movement along the demand curve for reserves. B) a leftward shift in the demand curve for reserves. C) a rightward shift in the demand curve for reserves. D) an upward movement along the demand curve for reserves.
The unemployment rate is found by dividing the number of unemployed people by the
A) number of working individuals, and multiplying by 100. B) number of the working-age population, and multiplying by 100. C) sum of working individuals plus unemployed workers, and multiplying by 100. D) number in the labor force, and dividing by 100.
The General Agreement on Tariffs and Trade is an international agreement
A) that outlaws all tariffs but permits quotas. B) to encourage world trade by lowering tariffs and other trade barriers. C) to encourage world trade by lending resources to developing countries. D) between the United States and Japan that has never been ratified, resulting in several trade wars with Japan.