A natural-resource abundant nation would be expected to export a land-intensive commodity such as:
A. Tractors
B. DVD players
C. Meat
D. Chemicals
C. Meat
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Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
From the social perspective, a major criticism of oligopolies is that
A) successful collusion leads to a monopoly-like outcome. B) price wars usually break out. C) advertising hardly ever occurs. D) cartels are unstable.
Monetarists suggest doing which of the following?
A) Maintain a steady growth rate of the money supply. B) Use fiscal policy to combat unemployment in the short run. C) Use monetary policy to combat unemployment in the long run. D) Use fiscal policy to combat inflation in the long run.
According to the above figure, the maximum profit the monopolist can receive is
A) 0. B) $1,500 per day. C) $9,000 per day. D) $7,500 per day.