Prostitution is made legal in the United States, what is the impact on GDP?
A) GDP increases.
B) GDP decreases.
C) GDP is unchanged.
D) None of the above.
A
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A perfectly competitive firm will operate and incur an economic loss in the short run if
A) the loss is smaller than its total fixed costs. B) it knows it can recoup the loss in the long run. C) shareholders do not know about the loss. D) the loss can offset future profits.
What does a successful protective tariff do?
(a) It forces foreign manufacturers to pay higher wages. (b) It re-enforces competition. (c) It creates an "economic rent" that goes to the competing domestic industries producing the taxed imported goods. (d) It mandates accelerated technological advance in the domestic economy.
Suppose that recent studies conclude that high-fiber diets do not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:
A. price of high-fiber foods will rise. B. quantity demanded of high-fiber foods will fall. C. demand for high-fiber foods will decrease. D. supply of high-fiber foods will increase.
A decrease in the quantity of resources
What will be an ideal response?