The head of a stable dictatorship is likely to have _____ the president of the United States
a. the same time horizon as
b. a shorter time horizon than
c. a longer time horizon than
d. a shorter tenure than
c
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Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing B) Freedom of entry C) Price taking behavior D) Large numbers of buyers and sellers E) All of the above.
What is a Lorenz curve?
What will be an ideal response?
For a price ceiling to be binding, it
a. cannot be determined. b. is the same as the equilibrium price. c. must be above the equilibrium price. d. must be below the equilibrium price.
Answer the following statements true (T) or false (F)
1) A nation's export supply curve is downsloping and its import demand curve is upsloping. 2) The equilibrium world price of a product equates the quantities of exports supplied and imports demanded. 3) Economists prefer free trade to tariffs, and prefer tariffs to import quotas. 4) A side benefit of international trade is that it links national interests and increases the opportunity costs of war.