How have U.S. imports and exports, as a fraction of GDP, changed from 1970 to the present?
What will be an ideal response?
Since 1950, both exports and imports have been steadily increasing as a fraction of GDP. In 1970, exports and imports were both less than 6 percent of GDP. In 2016, exports and imports were more than 12 percent of GDP.
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Price discrimination takes place when a firm
A) charges the same price for all the units of its product that it sells. B) charges different prices for different units of its product. C) is discriminated against by consumers. D) None of the above answers is correct.
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.50, which of the following statements is true?
A) The firm should expect the market price of its product to fall. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to increase. D) The firm is earning zero economic profit.
In 1940, civilian purchases of goods and services equaled roughly _____ of GDP; by 1943, it had changed to roughly ________ of GDP
a. 97 percent; 57 percent b. 50 percent; 50 percent c. 25 percent; 75 percent d. 50 percent; 10 percent
In a contestable market the Herfindahl-Hirschman Index is ________ and the market behaves as if it is ________
A) low; perfectly competitive B) low; a monopoly C) high; perfectly competitive D) high; a monopoly