Related to the Economics in Practice on page 673: If the candle makers in the petition were able to gain protection for their industry, the French economy would most likely
A. become more efficient.
B. benefit in the short run.
C. have to pay higher prices for candles.
D. benefit only if the protection was in the form of a tariff.
Answer: C
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The above figures show the market for gasoline. Which figure shows the effect of the end of a nine month strike by workers at all U.S. oil refineries?
A) Figure A B) Figure B C) Figure C D) Figure D
Economists are aware and note that the concentration ratio of the U.S. automobile industry may be misleading in representing the industry's market power because it does not include the
a. market sales of the four biggest car companies b. scooter market c. the increased use of public transportation d. bicycle market e. imported car market
According to classical economists, the relationship between the amount of funds firms invest and the interest rate is
A) direct. B) inverse. C) indirect. D) independent.
A fixed cost is:
A. any cost that a firm would incur even if output was zero. B. any cost that increases proportionately with output. C. associated with all inputs whose short-run supply is perfectly inelastic. D. associated with any productive resource whose price is fixed.