Canada, Mexico, and the United States have:
A) joined together and are operating in what is called a closed-trade area with respect to the European Union.
B) developed a currency similar to the euro.
C) eliminated many trade barriers among themselves.
D) reduced trade among them in order to protect jobs at home.
Ans: C) eliminated many trade barriers among themselves.
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A natural monopoly arises when
A) one firm controls the supply of a unique resource. B) a firm has many small firms that it can control. C) there are firms which act together as a monopoly. D) the long-run average cost curve slopes downward as it crosses the demand curve. E) one firm naturally convinces the government to limit competition in the market.
Which of the following always raises the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
a. price elastic. b. price inelastic. c. perfectly inelastic. d. unitary elastic.
If firms seek an average markup of 25% over labor costs and workers demand real hourly wages equal to $10 – 100u where u is the unemployment rate, then the equilibrium rate of unemployment will be
a) 4.6% b) 8% c) 9.2% d) 10% e) 25%