Globalization is an economic issue and does not involve political and social dimensions
a. True
b. False
Indicate whether the statement is true or false
False
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If an economy is at the short-run equilibrium illustrated by the figure above, a discretionary fiscal policy to adjust the economy to full employment is to
A) increase the quantity of money. B) decrease taxes. C) increase government spending. D) increase taxes and decrease government spending simultaneously. E) decrease the quantity of money.
A monopolistic competitor earns zero economic profits if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is equal to average total cost
Reducing prices below cost in order to eliminate competitors (with the intention of later raising prices to recoup all losses) is
A) an empirical impossibility in a free society. B) called induced competition. C) called predatory price cutting. D) increasingly common in the American economy.
A suggested policy for industrially advanced countries to adopt to encourage economic growth in developing countries would be:
A. Cutting debt relief for DVCs B. Directing foreign aid to the more affluent DVCs C. Restricting immigration of low-skilled workers from DVCs D. Reducing tariffs and import quotas on labor-intensive products