In most less developed countries, the initial target of import substitution is to promote domestic production of
(a) consumer goods.
(b) food and other agricultural goods.
(c) capital goods.
(d) manufactured intermediate goods.
A
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If the natural unemployment rate is 5 percent, the actual unemployment rate is 8 percent, and potential GDP is $15 trillion, then according to Okun's Law, real GDP is
A) $13.8 trillion. B) $15.9 trillion. C) $13.05 trillion. D) $14.25 trillion. E) $14.1 trillion.
In the early days of U.S. unionization, the Knights of Labor tried to
a. form unions that represented all workers in a single occupation b. form unions that represented all workers in a single industry c. organize labor across all skills, all industries, and all regions d. give broad representation to less-skilled industrial workers e. fight racial and sexual discrimination in the labor markets
Profit can be maximized only where marginal revenue equals
a. average cost. b. total cost. c. marginal cost. d. average cost.
"Unlike a monopoly, consumer surplus in a perfectly competitive market is zero." Do you agree or disagree? Why?
What will be an ideal response?