One major economic benefit of global competition is:
A. Lower unemployment
B. Increased protection of domestic firms
C. Pressure to innovate
D. More leisure opportunities
C. Pressure to innovate
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When a tax is imposed on a good for which the supply is relatively elastic and the demand is relatively inelastic, a. buyers of the good will incur most of the burden of the tax
b. sellers of the good will incur most of the burden of the tax. c. buyers and sellers will each incur 50 percent of the burden of the tax. d. the equilibrium quantity will increase.
Successful collusion requires all of the following except
a. a monopoly market with strong barriers to entry b. all firms cooperate, none cheat c. all firms belong to the same industry d. collusion will be more profitable than non-collusion e. the government does not interfere
When the "invisible hand" guides economic activity, prices of products reflect
a. only the values that society places on those products. b. only the costs to society of producing those products. c. both the values that society places on those products and the costs to society of producing those products. d. none of the above; when the "invisible hand" guides economic activity, prices of products are set by the government in a manner that is thought to be "fair."
The slippage between ________ occurs because the unemployment rate is calculated from data on the number of people employed.
A. imports and exports B. consumption and saving C. output and the unemployment rate D. supply and demand