Italy has a comparative advantage in the production of
A. beer.
B. pizza.
C. both beer and pizza.
D. neither beer nor pizza.
A. beer.
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How does the imposition of an excise tax on a good affect its market equilibrium?
A) Equilibrium quantity decreases, and equilibrium price decreases. B) Equilibrium quantity decreases, and equilibrium price increases. C) Equilibrium quantity increases, and equilibrium price decreases. D) Equilibrium quantity increases, and equilibrium price increases
Efficient resource allocation is defined as MC = AC
a. True b. False Indicate whether the statement is true or false
Which of the following is not a responsibility of the Fed?
A) supervising member banks B) serving as the lender of last resort C) determining the level of government spending D) providing check-clearing services E) supplying the economy with Federal Reserve Notes
A person 16 years or older who works part-time is officially classified as:
A. chronically unemployed. B. out of the labor force. C. employed. D. unemployed.