Development refers to an increase in:
A. productive capacity with no change in output.
B. output with no change in productive capacity.
C. output brought about by a change in the production function.
D. output brought about by an increase in inputs.
Answer: C
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Protection from foreign competition benefits domestic producers in the protected industry at the expense of domestic consumers
a. True b. False Indicate whether the statement is true or false
If Japanese tourists visit Yellowstone Park, what is the effect in the foreign exchange market?
a. It will increase demand for Japanese yen. b. It will decrease demand for Japanese yen. c. It will increase supply of Japanese yen. d. It will decrease supply of Japanese yen.
While price discrimination is possible between two markets, it is not possible in more than two
Indicate whether the statement is true or false
Perfectly competitive firms
A. are large relative to the size of the market. B. are price makers. C. sell identical products. D. All of the above are correct.