Which of the following has tended to increase the competitiveness of markets in the United States during the last couple of decades?
a. increases in transport costs
b. development of the Internet
c. decreased competition from imports
d. more government regulation of product quality
B
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Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 3 hours per day
If he is following the marginal principle, what must his marginal cost per hour be? A) $24 B) $32 C) $40 D) $48
One reason why purchasing power parity may not work perfectly is that transportation costs reduce trading possibilities
a. True b. False
The economy can operate
A) beyond its institutional PPF but not beyond its physical PPF. B) on both its institutional PPF and its physical PPF, but not at the same time. C) under its physical PPF but not under its institutional PPF. D) a and b E) a, b, and c
The sum of consumer surplus and producer surplus is equal to
A) the deadweight loss. B) the economic surplus. C) zero. D) total profit.