Compared with the United States, developing countries
A. face geographic conditions that limit productivity.
B. have universal health care that prevent the spread of diseases.
C. have more political stability.
D. have higher levels of educational attainment.
Answer: A
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The equilibrium price charged by a monopolistic competitor in the long run after the entry of new firms is ________
A) higher than the equilibrium price charged by the firm before the entry of new firms B) lower than the equilibrium price charged by the firm before the entry of new firms C) lower than the equilibrium price charged by a perfectly competitive firm in the long run D) equal to the equilibrium price charged by the firm before the entry of new firms
What is the difference between a command economy and a laissez-faire economy?
What will be an ideal response?
In a city that has rent control for apartments, there is
A) less turnover of apartments. B) a surplus of apartments available to rent. C) a shortage of renters in the city. D) neither a surplus nor a shortage of apartments.
Which of the following is true regarding the use of laboratory experiments in economic analysis?
A. Decisions made in the laboratory differ from those made in the real world. B. Laboratory experiments introduce no additional influences on decision making. C. Experimental subjects are often representative of the general population. D. Economic analysis to date has never successfully employed laboratory experiments.