If there is the legitimate threat of entry into a market, then the market is said to be:
A. perfectly competitive.
B. contestable.
C. secure.
D. reactive.
Answer: B
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Crops produced entirely for the market are known as
(a) basic crops. (b) mixed crops. (c) hybrid crops. (d) cash crops.
Extraction of petroleum in the current period will shift the supply curve of petroleum outward in the future resulting in a fall in price of petroleum
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of an innovation that can lead to new investment and spur the economic growth of a nation?
a. Horizontal drilling and hydraulic fracturing resulting in the discovery of new sources of shale gas in the U.S. b. Outsourcing the manufacturing units of a U.S. shoe-making company, resulting in the reduction of overhead costs c. A tire manufacturer laying off some of its workers to increase its profit margin d. An automobile-manufacturing company using cheaper machines for its main product line
Real GDP per person
a. minus real GDP per person from the previous period equals the growth rate of real GDP per person. b. provides more meaningful comparisons across time and countries than real GDP. c. provides a less useful measure of the standard of living than nominal GDP per person. d. All of the above are correct.