International resources shared by all countries such as oceans and air are known as
(a) global commons.
(b) free rider problems.
(c) nonrenewable resources.
(d) cooperative resources.
A
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Specialization and the division of labor typically result in
A) cost overruns. B) increased output. C) decreased output. D) a greater reliance upon imports.
The principal difference between economic profits for a monopolist and for a competitive firm is that
a. monopoly profits create major problems of equity whereas competitive profits do not. b. competitive profits exist only in the short run whereas monopoly profits may exist in the long run as well. c. monopoly profits represent a transfer out of consumer surplus whereas competitive profits do not.monopoly profits are considered a deadweight loss but competitive profits are not. d. monopoly profits are considered a deadweight loss but competitive profits are not.
The spending multiplier effect is the result of a movement along the aggregate expenditures (AE) line
a. True b. False Indicate whether the statement is true or false
Under monopolistic competition:
A. firms can sell all the output they wish without affecting the price. B. a single seller serves the market. C. firms face a downward-sloping demand curve. D. firms have no monopoly power.