The government in Katrina’s country does little to enforce property rights. Which statement about this situation is most likely true?
a. The government is encouraging economic growth.
b. People in Katrina’s country are saving most of their incomes.
c. People in Katrina’s country are unwilling or unable to invest.
d. The economy is growing too rapidly for the government to keep up.
c. People in Katrina’s country are unwilling or unable to invest.
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Refer to Figure 1A.2. The slope of the curve
A) is positive. B) is negative. C) is zero. D) changes along the curve.
Due to the entry and exit of firms in a monopolistically competitive market:
a. economic profits and economic losses are dissipated in the long run. b. economic profits persist in the long run, but not economic losses. c. economic losses will exist in the long run, but not economic profits. d. both economic profits and economic losses exist in the long run.
Social cost is the sum of private cost and
a. price b. quantity c. supply d. demand e. external cost
Suppose that you charted the rate of unemployment on the same graph. How would you expect the graph of unemployment to look in comparison?
a. It would be similar but shifted slightly to the right.
b. It would be inverted but shifted slightly to the right.
c. It would be similar but shifted slightly to the left.
d. It would be inverted but shifted slightly to the left.