MPI refers to the percentage of additional domestic income spent on imports
a. True
b. False
Indicate whether the statement is true or false
True
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Who receives benefits if regulation works according to social interest theory?
A) the entire economy B) cohesive interest groups C) everyone not in the cohesive interest group D) the regulators E) It is impossible to determine who benefits.
An Oldsmobile dealer may turn to a __________ like GMAC for loans in purchasing vehicles for his inventory
A) investment bank B) broker-dealer C) bootstrap financing company D) captive finance company
The government performs each of the following economic functions except
A. collecting taxes. B. spending. C. issuing regulations. D. operating the price mechanism.
If the supply and demand curves below represent the market supply and demand for a purely competitive industry, then the demand curve that an individual firm in the industry faces:
A. Is identical to the market demand
B. Is equal to the marginal-revenue curve which is a flat line at P0
C. Is more elastic than the market demand but has a marginal-revenue curve lying below it
D. Has the same slope as the market demand, but at P0 its quantity demanded is only a fraction of Q0