A government program that reduces land under cultivation hurts farmers but helps consumers
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is an example of the rationing function of price?
A. A firm attempting to lower its explicit costs. B. Bill Gates purchasing the Mona Lisa for $5 billion. C. Government price controls. D. Switching from a Ph.D. in economics to one in finance because finance salaries are higher.
Which of the following is not an example of rent-seeking behavior?
A) competition for subsidies B) competition for the exclusive right to import a product C) lobbying the government to impose tariffs on certain imported products D) engaging in aggressive advertising that slams a competitor's product
All of the following are true regarding a long-term contract between an upstream firm and a downstream firm except which one?
A) The downstream firm can incur opportunity costs. B) The upstream firm can incur opportunity costs. C) Both firms have increased flexibility. D) Changes in market conditions can impose new costs to either firm.
According to the U.S. Bureau of Economic Analysis, by the third quarter of 2014, U.S. investors had accumulated ________ of foreign assets.
a. $24.6 billion b. $2.46 trillion c. $24.6 trillion d. $246 trillion