The bulk of exports from industrial countries are
a. manufactured goods
b. primary products
c. agricultural goods
d. raw materials
e. raw sugar products
A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Under conditions of perfect competition, short-run equilibrium does not necessarily exist where
a. profit is maximized or loss minimized. b. MR = AR. c. MR = MC. d. MR = ATC.
The diminishing slope of the per-worker production function reflects the law of diminishing marginal returns
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a likely result of intraindustry trade based on internal economies of scale?
A) Job creation at domestic firms entering international trade B) Lower prices for the domestic consumers of the product now being traded C) Increased sales and lower per unit costs for the firm doing the exporting D) Higher prices for the exported product