Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service, ________ in this fishing industry was virtually eliminated.
A. waste
B. profit
C. human capital
D. competition
Answer: A
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Refer to Figure 15-9. At the profit-maximizing quantity, what is the difference between the monopoly's price and the marginal cost of production?
A) $8 B) $11.50 C) $21 D) There is no difference.
The demand curve for the perfectly competitive industry normally slopes downward, unlike the perfect competitive firm. Why?
What will be an ideal response?
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
A depreciation of the dollar will
A. discourage foreigners from buying U.S. goods. B. encourage Americans to invest in foreign assets. C. increase the amounts of U.S. dollars demanded by foreigners. D. throw the U.S. economy into a recession.