Gains from joining a trade bloc will be higher if the import demands of the member countries are relatively elastic.
Answer the following statement true (T) or false (F)
True
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Growth often requires:
A. concurrent improvements in many aspects of the economy. B. governments to invest in one facet of the economy at a time, starting with education. C. governments to invest in one facet of the economy at a time, starting with basic infrastructure. D. governments to invest in one facet of the economy at a time, starting with leapfrog technology.
If a country had a nominal GDP of $753 million, and the GDP deflator was 110, what is the real GDP?
a. $685 million b. $828 million c. $836 million d. $863 million
Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable cost for the month is
a. $6000 b. $4,000 c. $32 per dress d. $7,500 e. $8,000
Which of the following is necessary for the presence of competition in a market?
a. Government regulations that assure firms will make excess profits. b. Suppliers that offer a homogeneous product. c. A price that always equals per-unit production costs. d. Low barriers to entry into the market.