Refer to the above figure. If the government imposes a price floor of $20
A) the quantity traded will be 150, and the price will be $20.
B) the quantity traded will be 100, and the price will be $20.
C) the quantity traded will be 200, and the price will be $20.
D) none of the above.
D
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Unilateral transfers are
A) transactions that take place across national boundaries but in which both transactions are citizens of the same country. B) government transactions that use gold and other official reserves. C) gifts from a resident of one country to a resident in a foreign country. D) the payments of interest to residents of another country.
Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.