A perfectly competitive industry's market price is found by
A. finding the point on the market demand curve where the largest number of units will be purchased.
B. identifying the price at which each firm realizes its largest economic profit.
C. the horizontal summation of all the industry firms' individual supply curves.
D. locating the intersection of the market demand and market supply curves.
Answer: D
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Use the following table to answer the next question.The table shows a private open economy (no government). All figures are in billions of dollars.Real GDPC + INet Exports$400$420$20450460205005002055054020600580206506202070066020The equilibrium real GDP is
A. $600. B. $700. C. $650. D. $550.
Higher tariffs and quotas cause a country's currency to ________ in the ________ run, everything else held constant
A) depreciate; short B) appreciate; short C) depreciate; long D) appreciate; long
In a two-period model, holding everything else constant, an increase in government spending
A) unambiguously increases the current account surplus. B) unambiguously decreases the current account surplus. C) has an uncertain effect on the current account surplus. D) has no effect on the current account surplus.
If an LDCs population growth rate is 3 percent per year, how much must the economic growth rate be just to maintain per capita income?
a. 0 percent b. 3 percent c. 1 percent d. 6 percent e. 2 percent