________ gains from trade refer to the situation where, over time, international trade leads to an outward shift in a country's production possibility frontier
A) Static
B) Dynamic
C) Political
D) Outward
B
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If the population increases and input prices increase, the equilibrium price of a product will definitely increase
Indicate whether the statement is true or false
Suppose there are 100 firms in an industry. If the leading firm has a 60 percent market share, the second largest firm has a market share of half the leader's, the third has a market share of half the second's, and the fourth largest has a market share of half the third's, what is the four-firm concentration ratio?
a. 75 percent b. 85 percent c. 95 percent d. 100 percent e. impossible because their combined market shares exceed 100 percent
President Obama needed to get Congressional approval to enact measures to boost the economy. The time involved to formulate and get approval for these policies are called:
A. inside lags. B. outside lags. C. automatic stabilization. D. crowding in.
Economists would classify the Boston Symphony Orchestra as a firm.
Answer the following statement true (T) or false (F)