The successes of the 1960s were ascribed to the effects of
a. classical policies from the 1800s.
b. classical policies from the 1930s.
c. classical policies from the 1950s.
d. Keynesian policies from the 1930s.
e. Keynesian policies from the 1950s.
d
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The welfare loss of monopoly is also called
a. converted consumer surplus b. deadweight loss c. economic profit under monopoly d. producer surplus e. contestable profit
Assume an economy is producing only one product. Year 2 is the base year. Output and price data for a five-year period are given.YearUnits of OutputPrice Per Unit14$425537849951010Refer to the above data. If year 2 is chosen as the base year, the real GDP for year 1 is:
A. $20. B. $25. C. $4. D. $16.
If a firm operating in a fairly competitive market earns a large economic profit, then, over time,
A. old firms will exit and prices will fall. B. new firms will enter and prices will rise. C. new firms will enter and prices will fall. D. old firms will exit and prices will rise.
An import-licensing requirement, or import restrictions pertaining to the product quality and safety, are examples of:
A. Protective tariffs B. Nontariff barriers C. Voluntary export restrictions D. Quotas on imported products