Pick the true statement, regarding the notion of competition as a process versus the model of perfect competition
A) The process notion allows for full and complete information; perfect competition doesn't.
B) The process notion allows for price taking activity; perfect competition doesn't.
C) The process notion allows for identical products; perfect competition doesn't.
D) The process notion allows for a small number of participants; perfect competition doesn't.
E) All of the above are true.
D
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Refer to the table above. If the word price of trousers is $18 per pair, then which of the following statements is true?
A) All the four countries will export trousers. B) All the four countries will import trousers. C) Country A and Country D will export trousers, whereas Country B and Country C will import trousers. D) Country A and Country D will import trousers, whereas Country B and Country C will export trousers.
In the figure above, in the short-run macroeconomic equilibrium
A) there is no structural unemployment. B) real GDP is greater than potential GDP. C) real GDP equals potential GDP. D) real GDP is less than potential GDP.
What is the main reason for changes in GDP in the short run?
What will be an ideal response?
Gordon notes that along with slow labor productivity growth in the period 1973-1995, real wages also grew slowly
What sort of productivity shocks are consistent with this explanation of the link between real wage growth and the growth of labor productivity? A) productivity shocks which decrease supply of labor given the demand for labor B) productivity shocks which increase supply of labor given the demand for labor C) productivity shocks which increase demand for labor given the supply of labor D) productivity shocks which decrease demand for labor given the supply of labor