Production efficiency implies that
A) joint profits are maximized.
B) joint profits are minimized.
C) joint profits are zero.
D) joint profits can be increased.
A
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When a good is imported, the domestic production of it ________ and the domestic consumption of it ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) increases; does not change
Which of the following statements best describes the comparative advantage of the corresponding country regarding the iPhone?
a. The United States has a comparative advantage in designing and marketing products. b. China has a comparative advantage in designing and marketing products. c. Korea has a comparative advantage in producing components. d. China has a comparative advantage in producing components.
The lack of success among monopolistic competitive and oligopolistic firms to become monopolies can be attributed primarily to
a. lack of business skills b. lack of financing c. failure to maximize profit d. inability to establish effective barriers to entry e. inefficient production methods
Which of these is likely to be observed in an economy in which the equilibrium level of real GDP is below potential GDP?
a. Economic growth b. An increase in gross investment c. An increase in the general price level d. An increase in unemployment