On the Heritage Foundation's scale of "Economic Freedom," which of the following countries is most "Free"?

A. Ireland
B. Russia
C. North Korea
D. Venezuela

Answer: A

Economics

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A support price set above the equilibrium price ______

A. creates a shortage, increases farmers' total revenue, and is efficient B. creates a surplus, which the government buys and dumps on the rest of the world to keep the U.S. market price equal to the price support C. is inefficient because farmers' marginal cost exceeds U.S consumers' marginal benefit D. is efficient because farmers' marginal cost equals U.S. consumers' marginal benefit

Economics

A monopolist would not be able to make a positive profit at any price output combination when

A) marginal cost is less than average total cost for one more unit of output. B) the average variable cost curve is everywhere above the marginal revenue curve. C) the minimum point of the average total cost curve lies to the right of the minimum of the average variable cost curve. D) the average total cost curve is everywhere above the demand curve.

Economics