If the number of stages between input production and final product production increases then:
a. GDP and GNP both rise.
b. GDP and GNP both fall.
c. GDP and GNP both remain unchanged.
d. GDP rises and GNP falls.
e. GDP falls and GNP rises.
.C
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Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. In terms of dollars, Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $20. D) $60. E) $40.
If perfect competitors are losing money in the short run, then in the long run there will be _____ firms in the industry and market price will ______.
A. fewer; rise B. fewer; fall C. more; rise D. more; fall
Refer to Figure 6.4. If consumers currently gain at the expense of producers, a maximum price must have been set at:
A. A. B. B. C. C. D. There is not sufficient information.
Suppose that the United States decided to subsidize a major competitive effort by the semiconductor industry to bring to market the next generation computer chip. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) allowed as long as the subsidies do not succeed in creating a new product.