Which of the following is not a basic characteristic of pure competition?
A. Considerable nonprice competition.
B. No barriers to the entry or exit of firms.
C. A standardized or homogeneous product.
D. A large number of buyers and sellers.
Answer: A
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Martin, a U.S. citizen, travels to Mexico and buys a newly manufactured motorcycle made there. His purchase is included in
a. both Mexican GDP and U.S. GDP. b. Mexican GDP, but it is not included in U.S. GDP. c. U.S. GDP, but it is not included in Mexican GDP. d. neither Mexican GDP nor U.S. GDP.
A decrease in real GDP would affect the U.S. economy by:
A. cutting tax revenues and raising government expenditures. B. cutting government expenditures and raising tax revenues. C. raising both tax revenues and government expenditures. D. cutting both government expenditures and tax revenues.
According to Karl Marx, surplus value is created when the capitalist _________________.
Fill in the blank(s) with the appropriate word(s).
Consider the budget line in the above figure. If the consumer's income is $120, then the price of a book is
A) $10 per book. B) $12 per book. C) $6 per book. D) More information is needed to determine the price of a book.