If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity.
B) a higher price and quantity.
C) the same price and quantity.
D) a higher price and a lower quantity.
B
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Which of the following is a benefit of affirmative action programs?
A) They ensure that qualified minorities are not being passed over in favor of less-qualified applicants. B) They ensure a fundamental sense of fairness in hiring and promotion. C) They can provide a means and an incentive for members of historically underperforming groups to intentionally change their characteristics, such as investing in education and acquiring experience. D) All of the above are benefits of affirmative action programs.
Answer the following questions true (T) or false (F)
1. Today, the United States charges an average tariff rate of less than 1.5 percent. 2. The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called absolute advantage. 3. If a country has an absolute advantage in producing a product, it must also have a comparative advantage in producing that product.