Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?

If the Fed were to attempt to increase the money supply, it would most likely do so

A) by manipulating the discount rate. B) by manipulating the required reserve ratio. C) by altering the amount of gold held in Fort Knox. D) by engaging in open market operations.

In the short run, specific taxes on a firm result in:

a. price increases which may not persist in the long run. b. an increase in consumer surplus because the tax permits spending in additional government services. c. shortages of the good being taxed. d. an increase in producer surplus because of the rise in price.