The United States' economy would be operating at full employment with labor unemployment rate of ___ percent and a capacity utilization rate of _____ percent.
A. 5; 95
B. 5; 85
C. 10; 95
D. 10; 85
B. 5; 85
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According to the graph shown, if a firm is producing at Q3:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs exceed the market price.
C. the firm should expand production.
D. marginal revenue is greater than marginal cost.
A(n) ________ is a tax on imports that is stipulated as a money amount per unit.
A. specific tariff B. ad valorem tariff C. optimal tariff D. effective tariff
Public choice economists use models that focus on economic incentives as applied to politicians.
Answer the following statement true (T) or false (F)
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, based on the analysis of the sources of growth in China and India, and assuming that nothing changes, it can be concluded that:
A. India's long-term growth prospects are not as strong those for China. B. the growth rate in China should significantly slow down in the near future, but the growth rate in India will continue to rapidly increase in the near and distant future. C. there is convergence between the nations in Asia. D. China's reliance on technology for economic growth makes it less likely to keep pace with the growth rate in India.