A chart that lists how much of a good a supplier will offer at various prices:
a. subsidy
b. supply schedule
c. law of supply
d. elasticity of supply
e. excise tax
Ans: b. supply schedule
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Developing countries that concentrate production in agricultural products or raw materials may face a secular decline in their international terms of trade due to
A) sluggish demand for these products in developed countries. B) large increases in the supplies of these products on world markets due to export expansion policies. C) inelastic demand for these products in developed countries. D) All of the above.
Using supply and demand curve analysis, the triangular area above the equilibrium price and under the demand curve is:
A. consumer surplus. B. producer surplus. C. marginal cost. D. deadweight loss.
Which of the following is NOT a basic feature of a monopolistically competitive industry?
A. Each firm in the industry produces a differentiated product. B. There is free entry and exit into the industry. C. Each firm owns a patent on its product. D. There are many buyers and sellers in the industry.
If the economy's real GDP doubles in 18 years, we can:
A. not say anything about the average annual rate of growth. B. conclude that its average annual rate of growth is about 5.5 percent. C. conclude that its average annual rate of growth is about 2.4 percent. D. conclude that its average annual rate of growth is about 3.9 percent.