Reducing tariffs would make international trade easier, which will increase the general economic welfare of the country
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 24-2. Ceteris paribus, an increase in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If the wage rate is fixed at a certain level, the:
a. labor supply curve is horizontal. b. labor supply is a straight upward sloping line. c. MP must be constant. d. labor supply will increase at an increasing rate. e. labor supply will increase at a decreasing rate.
Which of the following characteristics distinguishes oligopoly from other market structures?
a. Firms operating in an oligopoly are independent of each other. b. Firms operating in an oligopoly are interdependent. c. Oligopoly is the simplest of all the other market structures. d. An oligopolist does not face a downward-sloping demand curve. e. Entry into an oligopolistic market is easier than entry into a monopolistically competitive market.
On what type of income do many economists believe that people base their consumption?