A monopoly earns the most profit by charging a price where demand is inelastic
a. True
b. False
Indicate whether the statement is true or false
False
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Assume for Guatemala that the domestic price of coffee without international trade is higher than the world price of coffee. This suggests that
a. Guatemala has a comparative advantage over other countries in the production of coffee, and Guatemala will export coffee. b. Guatemala has a comparative advantage over other countries in the production of coffee, and Guatemala will import coffee. c. other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will export coffee. d. other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will import coffee.
Which group aids the Board of Governors of the Federal Reserve System in conducting monetary policy?
A. U.S. Treasury B. U.S. Congress C. Federal Advisory Council D. Federal Open Market Committee