Changes in the growth rate of real GDP per capita do not reflect which of the following?
a. changes in the total production of final goods in the economy
b. changes in the production of final services in the economy
c. changes in the distribution of income
d. changes in the size of the population
c
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Which of the following is true of successful price discriminators? a. They make greater profits than by charging everyone a uniform price
b. Their customers must have different willingness to pay. c. Their customers must have difficulty reselling the good to other customers. d. All of the above are true of successful price discriminators.
Reducing direct costs will
A) increase economic profit. B) decrease economic profit. C) leave economic profit unchanged. D) may or may not affect economic profit.
Answer the following statements true (T) or false (F)
1) Any person without a job is considered to be unemployed. 2) Higher unemployment rates are linked with higher crime rates and higher rates of physical and mental illness. 3) Inflation reduces the purchasing power of a person's income and savings. 4) From 1995 until the start of the recession in 2007, the U.S. economy grew at the same rate as the economy of Japan.
When oligopolistic firms in an industry form a cartel, then it is most likely that
A. both industry output and prices will decrease. B. both industry output and prices will increase. C. industry output will decrease while prices will increase. D. industry output will increase while prices will decrease.