Governments invest in infrastructure to:
A. to increase the productivity of businesses.
B. to spur economic growth.
C. to increase the growth rate of GDP per capita.
D. All of these are reasons why the government provides infrastructure.
D. All of these are reasons why the government provides infrastructure.
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When price is above the equilibrium level, suppliers offer more than demanders wish to buy.
Answer the following statement true (T) or false (F)
The number of firms in a monopolistically competitive market means that
A) all firms will have substantial monopoly power since there are so few firms in the industry. B) each firm has a relatively small share of the total market since there are many firms in the industry. C) the firms will be likely to collude since there are only a few firms in the industry. D) firms will have a hard time earning non-negative profits since there are many firms in the industry.
If a professional association restricts membership and firms cannot employ nonassociation workers, the equilibrium wage will increase
a. True b. False
Consider the currency market for British pounds and U.S. dollars. An increase in the demand for British pounds results in a(n) ________ of the pound and a(n) ________ of the dollar.
A. depreciation; depreciation B. depreciation; appreciation C. appreciation; depreciation D. appreciation; appreciation