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Title: Refer to the above figure. A price floor of 60 results in : Post by: Annmarie on Feb 26, 2018 Refer to the above figure. A price floor of 60 results in
A) a shortage of 100 units. B) a shortage of 200 units. C) a surplus of 100 units. D) a surplus of 200 units. Ques. 2 Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result A) the supply curve for sugar will shift to the right. B) the supply curve for sugar will shift to the left. C) the supply curve for cereal will shift to the right. D) the supply curve for cereal will shift to the left. Ques. 3 Which of the following statements does NOT describe a function of money? A) a store of value B) a hedge against inflation C) a standard of deferred payment D) a unit of accounting Ques. 4 The Keynesian short-run aggregate supply curve is demonstrated graphically as a A) vertical line. B) horizontal line. C) upward sloping curve. D) downward sloping curve. Ques. 5 The number of firms in an oligopolistic industry A) must be less than 10. B) must be less than 20. C) must be small enough that firms are interdependent. D) must be large enough for firms to be independent. Ques. 6 A country that must reduce current consumption to increase future consumption possibilities A) must be allocating resources inefficiently. B) must be producing along the production possibilities curve. C) must be producing outside the production possibilities curve. D) must not have private ownership of property. Ques. 7 The non-exclusion principle means A) no one can be excluded from the benefits of a public good, even if the person does not pay for it. B) no one can be excluded from the benefits of a private good, even if only one person pays for it. C) no one who pays for a public good can be excluded from receiving the benefits of a public good. D) people who do not pay for a public good can be excluded from receiving its benefits. Ques. 8 A natural monopoly that is not regulated will choose to produce at the A) minimum point of the long-run average cost curve. B) point at which marginal cost is above average total cost. C) point at which the demand curve intersects the long-run average cost curve. D) point at which marginal revenue equals marginal cost. Title: Refer to the above figure. A price floor of 60 results in : Post by: medes1 on Feb 26, 2018 Content hidden
Title: Refer to the above figure. A price floor of 60 results in : Post by: Annmarie on Feb 26, 2018 Now I'm convinced to ask more questions :)
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