If a perfectly competitive firm were to raise its price above the market price, it would
A. sell slightly less than at the market price.
B. sell significantly less than at the market price.
C. sell slightly more than at the market price.
D. sell nothing.
D. sell nothing.
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According to Okun's Law, if real GDP grows by 4% over a year, unemployment is likely to ________
A) increase by 0.5% B) decrease by 0.5% C) decrease by 1% D) increase by 1%
The economy is at full employment when all unemployment is ________
A. structural B. cyclical C. structural and cyclical D. structural and frictional
Which of the following is NOT an obstacle to increased international economic integration?
A) Monopoly powers given to domestic companies of individual nations B) High tariff rates imposed by industrialized nations C) Health and safety standard requirements D) Labor and environmental standard requirements E) Income disparities among and within trading partners
If an economy experiences an increase in its capital stock, everything else constant, then at constant world prices, it will
A) produce more of the labor intensive good and less of the capital intensive good. B) produce more of both goods. C) produce the same amount of both goods. D) produce less of the labor intensive good and more of the capital intensive good.