In Figure 35.1, what is the opportunity cost of motorcycles in Japan?
A. 1 DVD player per motorcycle.
B. 2 DVD players per motorcycle.
C. 3 DVD players per motorcycle.
D. 1/2 of a DVD player per motorcycle.
Answer: D
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In the short run, a perfectly competitive firm _____
a. cannot change its costs of production if it buys its inputs from a perfectly competitive market b. can increase the value of its unique product by increasing its advertisement expenditure c. can decrease the price of a good in order to increase its share in the market d. cannot choose to produce the quantity it wants
In the U.S. economy, labor receives
A. the lowest share of income. B. the highest share of income. C. about a quarter of income. D. about three-quarters of income.
Which of the following industrial policies are effective for developing countries to deal with inflows of capital from overseas?
A. Market Substitution, government subsidy, and crowding out. B. Import substitution, export-led growth, and crowding out. C. Import substitution, government subsidy, and clustering. D. Import substitution, export-led growth, and clustering.
Which of the following is a unique feature of oligopoly?
A. Mutual interdependence. B. Advertising expenditures. C. Product differentiation. D. Nonprice competition.