Refer to the information provided in Table 24.2 below to answer the question(s) that follow. Table 24.2
Refer to Table 24.2. At an output level of $1,500 billion, the level of aggregate expenditure is ________ billion.
A. $1,300
B. $1,400
C. $1,500
D. $1,600
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. A competitive firm will exit an industry in the long run if the market price falls below the firm's break-even price. 2. For a competitive firm with a downward sloping marginal cost curve, the supply curve and the marginal cost curve look exactly the same 3. There is no reason for a competitive firm to stay in business if it is making zero economic profit. 4. A decrease in firms’ variable costs will cause the output of the market to decrease. 5. A technological advance that reduces firms’ variable costs will lead to higher profits in the long run of a perfectly competitive industry.
Which of the following is an example of rent seeking behavior?
A) Recent increases in cigarette taxes faced little opposition from voters, many of whom were rationally ignorant with respect to the tax. B) U.S. sugar firms convinced Congress to impose a quota on imports of sugar. C) Amazon introduced the Kindle to compete with Sony's Digital Reader. Amazon was motivated by the desire to earn profits from the Kindle but also increased the choice of digital music players available to consumers. D) Apple earned large profits from the development and sale of the iPhone.
To combat the undersupply of public goods, a solution is:
A. to change social norms around consumption of the good. B. for the government to step in and provide it directly. C. put a quota on the amount that people can consume. D. to place a quota on the consumption of the good.
All of following are examples of infant industry protection cited in the text EXCEPT:
a. the Chinese auto industry. b. the Brazilian computer industry. c. Harley-Davidson. d. Daimler-Chrysler Corporation.