Globalization had to be put into effect to revive developed economies after the financial crises of the 1990s
a. True
b. False
Indicate whether the statement is true or false
False
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If the price of inputs rises and foreign income rises:
a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. Price index falls, and real GDP falls.
Consider Figure 6.4 in your textbook, as indicated below. If the equation for the demand curve were P = 10 - Q and MC constant at 4,
(a) Find the competitive level of output and price.
(b) Find the marginal revenue and derive the rent seeking cartel's of output and price.
(c) How much rent is being raised?
Over the long run, oligopoly produces ______ output than perfect competition.
a. slightly more b. the same c. less d. much more
What are two reasons diminishing returns to specialization occur? (Check both responses.)
What will be an ideal response?