Samuelson is concerned that advances in communications technology will result in the
What will be an ideal response?
offshoring of service jobs
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An economic problem with using subsidies or price ceilings to move a monopoly toward the competitive equilibrium is that
a. it may increase monopoly profits. b. it may decrease monopoly profits. c. policy makers may not be able to determine what the competitive equilibrium is. d. policy makers always need to be lobbied before taking any actions.
If planned aggregate expenditure is below potential GDP and planned aggregate expenditure equals GDP, then
A) actual inventory investment will be less than planned inventory investment. B) the economy is at full employment. C) the economy is in a recession. D) actual inventory investment will be greater than planned inventory investment.
Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True b. False
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has a comparative advantage in the production of shoes. B. Canada has a comparative advantage in the production of shoes. C. Comparative advantage doesn't exist in this scenario. D. Both countries have a comparative advantage in the production of shoes.