Other things constant, if domestic consumers purchase fewer foreign goods at each level of GDP in the short run:
A. GDP will rise
B. GDP will fall
C. Foreign countries' GDP will rise
D. There will be no change in GDP in this country
A. GDP will rise
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Which of the following best describes the impact of immigration on complementary resources?
A. The lower wage rate resulting from immigration reduces production costs, creating a business-income effect that increases the demand for complementary resources B. The lower wage rate resulting from immigration reduces production costs, creating an output effect that decreases the demand for complementary resources C. The higher wage rate resulting from immigration increases production costs, creating an output effect that increases the demand for complementary resources D. The lower wage rate resulting from immigration reduces production costs, creating an output effect that increases the demand for complementary resources
Consider an industry that is made up of nine firms each with a market share (percent of sales) as follows:
a. Firm A: 30% b. Firm B: 20% c. Firms C, D, and E: 10% each d. Firms F, G, H, and J: 5% each What is the value of the four-firm concentration ratio and how is the industry categorized? A) 80%; strongly oligopolistic B) 70%; oligopoly C) 50%; monopolistic competition D) 75%; oligopoly
On August 15, 1971, the United States
A) returned to the gold standard. B) suspended the convertibility of dollars into gold. C) provided unlimited dollar reserves to the German central bank to help end a speculative attack on the mark. D) provided unlimited dollar reserves to the Bank of England to help end a speculative attack on the pound.
Suppose two demand curves intersect and so have a point in common. At that point, demand shown by the steeper curve will be ________ the flatter curve.
A. less elastic than B. as elastic as C. more elastic than D. more likely to be unit elastic than