Which is FALSE about perfect competition?
A) There are numerous sellers.
B) Market entry and exit is unrestricted.
C) There is no ability to set price.
D) There is considerable product differentiation.
D
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The United States imports shoes from third world countries. This means that if the U.S. economy were closed, the domestic price of goods would be ________ the world price of shoes.
A. greater than B. close to C. less than D. equal to
All of the following are major greenhouse gases (GHGs), EXCEPT
a. carbon dioxide (CO2) b. methane (CH4) c. nitrous oxide (N2O) d. volatile organic compounds (VOCs)
China has experienced particularly high rates of economic growth as a result of
A. High rates of government spending. B. High rates of consumer spending. C. High rates of capital investment. D. Low rates of saving.
In the early 2000s, some argued that the Indian government impeded foreign investment with tariffs, investment caps, and tons of red tape. In terms of promoting or retarding economic growth, such policies:
A. increase growth because they keep people producing for the local market. B. decrease growth because they slow the growth of capital. C. increase growth because they stop exploitation by foreigners. D. decrease growth because they cause inflation.