International participants
A. Participate only in American product markets.
B. Participate only in American factor markets.
C. Take no part in American markets.
D. Participate in both American factor markets and American product markets.
Answer: D
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The costs of economic growth include all of the following except consumption sacrificed for:
A. acquiring new human capital B. research and development into new technologies C. physical capital formation D. additional hours of leisure
A critical assumption made by all economic models is that
a. few economic decision makers face constraints under capitalism b. few economic decision makers face constraints under communism c. every economic decision maker, except the extremely wealthy, faces constraints d. every economic decision maker, except the federal government, faces constraints e. every economic decision maker faces constraints under every economic system
If price is less than average total cost, a firm
a. earns an economic profit b. hires additional workers c. moves its factory offshore d. fires the marginal worker e. suffers an economic loss
If U.S. quotas on imported sugar were eliminated,
A. The world price of sugar would rise. B. The supply of sugar in the United States would shift to the right and sugar prices would fall. C. The demand for sugar in the United States would shift to the left and prices would fall. D. The supply of sugar in the United States would shift to the left and prices would rise.