Which of the following economies have the highest degree of economic freedom?
a. Hong Kong and Singapore
b. Argentina and Brazil
c. Germany and Italy
d. Russia and Nigeria
A
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Dumping refers to
A) exporting products that do not meet domestic safety standards. B) selling inferior products to unsuspecting consumers. C) illegally avoiding tariffs by selling products on the black market. D) selling a product for a price below its cost of production.
The IS curve has a positive slope because a(n) __________ in the interest rate leads to a(n) __________ in desired investment and this leads to an increase in GDP
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
In the short run, a perfectly competitive firm can make a profit, a loss, or go out of business.
Answer the following statement true (T) or false (F)
Which of the following correctly describes the special interest theory of regulation?
a. Large numbers of poorly-organized consumers, each of whom have very little at stake in the outcome of economic regulation, capture the regulatory process and force regulated monopolies to accept negative economic profits. b. Large numbers of poorly-organized military veterans, each of whom have very little at stake in the outcome of economic regulation, capture the regulatory process and force consumer-products firms to convert their factories to produce military goods and services. c. Well-organized producer groups expect to profit from economic regulation and are able to persuade public officials to impose the restrictions that existing producers find attractive, such as limiting entry by new firms or competition by existing firms. d. Well-organized producer groups incur loss from economic regulation which force them to keep prices low, while consumers enjoy a larger surplus.