The dictator of a country requires that companies planning to open or expand must pay a large fee to file an application one year prior to building new factories or expanding existing ones. Other things the same, in the long run this requirement would
a. reduce real GDP per person and productivity.
b. reduce real GDP per person but not productivity.
c. reduce productivity but not real GDP per person.
d. None of the above is correct.
a
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For a common resource, the marginal social cost of the resource is ________ the marginal private cost
A) greater than B) equal to C) less than D) not comparable to
Which of the following will increase the marginal product of labor in the labor market?
a. An increase in the price level and the money wage. b. An increase in the real wage. c. A decrease in the capital stock. d. An increase in the supply of labor.
The analysis of the competition between Apple and Samsung in the smartphone market is based on
A) microeconomic model. B) educated guessing. C) intuitive reasoning. D) consumer surveys.
Increases in the availability of natural resources will affect the aggregate supply curve such that it
a. shifts inward and becomes flatter. b. shifts inward. c. shifts outward. d. becomes flatter. e. becomes steeper.