An industry where a change in the number of firms does not affect the prices of the resources used in the industry will have a long run supply curve that is:
A. Vertical
B. Horizontal
C. Upsloping
D. Downsloping
B. Horizontal
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In a market with positive externalities
A) the efficient level of production is less than what competition will obtain. B) the efficient level of production is equal to what competition will obtain. C) the efficient level of production is more than what competition will obtain. D) there cannot be an efficient level of production.
Suppose you are traveling from the United States to Djibouti on vacation. You would be better off on your vacation if:
a. exchange rates did not change after you bought Djiboutian francs. b. you had purchased Djiboutian francs in Djibouti and not in New York. c. the Djiboutian franc became more powerful with respect to the U.S. dollar. d. the exchange rate increased. e. the exchange rate decreased.
An economy’s rate of _______________ growth is closely linked to the growth rate of its GDP per capita.
a. domestic b. business c. technology d. productivity
Less than 13 percent of U.S. workers belong to unions
a. True b. False Indicate whether the statement is true or false