Which of the following is NOT a major driver of globalization over the past few decades?

The self-correcting property of the economy means that output gaps are eventually eliminated by:

A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.

Potatoes cost Janice $0.50 per pound, and she has $6.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30.

a. How many pounds of potatoes will she purchase?
b. What if she only had $3.00 to spend?

At equilibrium in a monopoly, economic profits will most likely be

A. Greater than zero. B. Negative. C. Zero. D. Normal.

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the

equilibrium quantity (Q) of X. Refer to the given information. An increase in the prices of resources used to produce X will: A. increase S, increase P, and increase Q. B. increase D, increase P, and increase Q. C. decrease S, decrease P, and decrease Q. D. decrease S, increase P, and decrease Q.