The United States is considered by the Institute for Management Development to be the most competitive economy because
A. of selected restrictions on imports from Japan and Europe.
B. of widespread entrepreneurship.
C. of a high saving rate.
D. U.S. residents are willing to work harder than anyone else is.
Answer: B
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In perfect competition, if the market price of the product is initially higher than the minimum average total cost faced by the firms, then
A. other firms will enter the industry and the industry supply will decrease. B. other firms will enter the industry and the industry supply will increase. C. some firms will exit the industry and the industry supply will decrease. D. some firms will exit the industry and the industry supply will increase.
When a monopolistically competitive industry is in long-run equilibrium
A. firms earn economic profit.
B. firms earn zero economic profit.
C. price equals minimum possible average cost.
D. price equals marginal cost.
Demand is inelastic if
A. a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded. B. a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. C. small price increases will lead to zero quantity demanded. D. demand exhibits zero responsiveness to price changes.
If a restaurant in an integrated community has an entirely white wait-staff, economists suggest it is
A. employers who must be reacting to bigoted consumers. B. either employers discriminating for their own purposes or doing so on behalf of their bigoted customers. C. the employer who must be the bigoted party. D. most likely to be due to random chance.