If each country specializes in producing those goods in which it has a comparative advantage, then Select
Question:
If each country specializes in producing those goods in which it has a comparative advantage, then
Select one:
a. each country will be self-sufficient
b. world output will be maximized
c. the consumption possibilities for the world will be reduced
d. all countries will have the same standard of living.
e. rich countries will get richer and poor countries will get poorer
Evidence indicates that tariffs and quotas are
Select one:
a. beneficial for producers in a protected industry, but not beneficial for consumers.
b. not beneficial for the workers in a protected industry or for consumers.
c. beneficial for producers in a protected industry, but not beneficial for the workers in the industry.
d. b and c
e. beneficial for workers in a protected industry, but not beneficial for consumers.
Electric utilities achieved monopoly because of
Select one:
a. control of essential resources
b. economies of scale
c. control over key patents
d. very low fixed costs
For a market to be a true monopoly, it must have
Select one:
a. a single seller, no close substitutes for the product, and patents
b. a few interdependent sellers, homogenous products, and entry barriers
c. a few interdependent sellers, differentiated products, and entry barriers
d. a single seller, no close substitutes for the product, and entry barriers
e. many small sellers, homogenous products, and no entry barriers
If there are significant barriers to entry, then a firm may do what over the long-run?
Select one:
a. charge whatever price they want without fear of it reducing output
b. ignore demand
c. earn economic profits
(NO EXPLANATIONS NEEDED FOR ANSWERS!)
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez