If the effective rate of protection is greater than the nominal rate of protection, there must be tariffs on intermediate products
Indicate whether the statement is true or false
FALSE
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Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; 30 times larger B. 12; smaller C. 30; 12 times larger D. 12; 12 times larger
According to your textbook, changes in supply and demand reflect changes in
A) society's overall welfare. B) the plans that buyers and sellers are making. C) the overall efficiency of the market. D) government policy. E) None of the above.
Explain why Relative PPP is useful when comparing countries that base their price levels on different product baskets
What will be an ideal response?
Economies of scale: a. are the result of a diminishing marginal product
b. pertain to the long run only. c. refer to the increase in output that results from the increased utilization of a single input. d. imply that the average total cost curve will fall continuously as output increases in the short run.