Nations specialize in production and engage in international trade in order to:
A. Protect domestic consumers and producers
B. Increase output and income
C. Improve transportation
D. Increase employment
B. Increase output and income
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Collusion is most likely to occur in those oligopolies in which firms have vastly different cost structures
a. True b. False
Refer to the above table. Suppose one country has a per capita real GDP of $1000 and another has a per capita real GDP of $10,000, or ten times larger. If both countries have a growth rate of 5 percent, how much larger will per capita real GDP be in the second country be than the first after 50 years?
A. 4 times larger B. 5 times larger C. 10 times larger D. 8 times larger
Suppose the market for autoworkers is initially in equilibrium, but then the automakers purchase capital goods that are a substitute for workers. What happens in the market for autoworkers? Explain. Now, suppose the automakers improve working conditions
at the plants. What are the effects? Explain. What will be an ideal response?
The marginal tax rate is
A. the percentage of all dollars of income paid in tax. B. the percentage of the last dollar of income paid in tax. C. the percentage of all dollars of income paid in tax and the percentage of the last dollar of income paid in tax. D. the percentage of all taxable dollars of income paid in tax.