An import quota is the same as an import ban.
Answer the following statement true (T) or false (F)
False
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Consumers benefit from monopolistic competition by
A) paying the same price as everyone else. B) being able to purchase high-quality products at low prices. C) paying the lowest possible price for the product. D) being able to choose from products more closely suited to their tastes.
New growth theory is concerned with
A) finding a good way to measure economic growth. B) increasing the savings rate in the U.S. C) understanding the forces that increase productivity. D) understanding how compounding works.
Dan and Dave are both college graduates. Dan is a patrolman and Dave is a detective in the same police precinct. While Dan's job is inherently more dangerous than Dave's, Dave passed a difficult exam to gain promotion to detective. Dave earns more than Dan because
a. Dave's job is less dangerous. b. of efficiency wages. c. of education as a signal. d. Dave has more human capital.
Refer to the above figure. What price-output combination would apply under perfect competition?
A. P4 and Q1 B. P1 and Q1 C. P2 and Q3 D. P3 and Q2