In 1960 the per capita GDP of Hong Kong was substantially less than that of Argentina and Venezuela. By 2005, the per capita income of Hong Kong was more than three times the figures for Venezuela and Argentina. This dramatic change occurred because
a. Venezuela and Argentina lacked the natural resources of Hong Kong.
b. the United States provided aid to Hong Kong but not to Argentina and Venezuela.
c. Hong Kong was able to achieve and sustain a high rate of economic growth while the growth rates of Argentina and Venezuela were exceedingly low.
d. Hong Kong was a developed country in 1960, but Argentina and Venezuela were not.
C
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Naturally born members of the U.S. population resisted immigration in the antebellum period for all of the following reasons except
(a) Immigrants were prisoners and outcasts from other countries. (b) Immigrants could gain political power and possess political influence. (c) Immigrants displaced U.S. born laborers. (d) Immigrants brought their own religions and spiritual beliefs.
Suppose the inverse market demand is given by P = 150 ? 2Q. If the incumbent continues to produce 10 units of output, which of the following equations best summarizes the potential entrant's residual demand curve?
A. P = 75 ? 0.5Q B. P = 130 ? 2Q C. P = 150 ? 4Q D. P = 130 ? Q
Price ceilings are designed to
A) establish a maximum allowable price. B) allow free market prices to be achieved. C) create surpluses where none existed before. D) none of the above.
Clothing retailers have faced greater competition in recent years as more firms have entered the clothing market. Some of the competition has come from foreign competitors, but much of it is domestic competition. As a result there is much competition in markets for many types of clothing and
A. individual buyers and sellers cannot affect the market price because it is determined by the market forces of demand and supply. B. there are relatively few buyers and sellers in the market, and one individual firm can determine the market price. C. firms have a great degree of flexibility in pricing their products because these products can be sold at a high profit level. D. there are no other implications.