The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model
a. monopolistic competition
b. perfectly contestable
c. oligopoly
d. monopoly
e. none of the above
b
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
After a nation starts importing a good from overseas, the domestic price of the good
A) stays the same. B) rises. C) falls. D) might change, but more information about what the country exports is needed to determine if the price rises, falls, or does not change. E) might change, but more information about what else the country imports is needed to determine if the price rises, falls, or does not change.
The international treaty established to negotiate lower trade restrictions is known as the
a. World Bank Act b. General Agreement on Tariffs and Trade (GATT) c. International Association for Free Trade (IAFT) d. Countries United for Free Trade (CUFT) e. International Development Fund
When a competitive firm maximizes profit, it will hire workers up to the point where the
a. marginal product of labor is equal to the product price. b. marginal product of labor is equal to the wage. c. value of the marginal product of labor is equal to the product price. d. value of the marginal product of labor is equal to the wage.