Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is true?
3
A. Producing at point D would be inefficient.
B. Producing at point C would be inefficient.
C. Producing at point B would be inefficient.
D. Producing at point A would be inefficient.
B. Producing at point C would be inefficient.
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Which of the following is NOT a characteristic of the market structure for monopolistic competition?
A) Firms are free to enter and exit. B) Firms are price takers. C) Firms compete on product quality, price, and marketing. D) There are a large number of firms.
In the long run, perfectly competitive firms cannot make an economic profit. Why?
What will be an ideal response?
All of the following are true of the HPAE EXCEPT
A) macroeconomic stability has been a high priority of their economic policies. B) strong, credible commitments to sharing economic growth across all layers of society exist. C) exports have been promoted while at the same time being more open to imports than other developing countries. D) restrictions on imports of capital goods have helped to favor the development of domestic technology.
Which of the following helps explain why more people don't immigrate to rich countries?
A. The strain of leaving some family behind is too stressful. B. Educational degrees are not recognized. C. The language barrier is too great. D. It's difficult due to the immigration restrictions of rich countries.