A nation can accelerate its economic growth by:
a. reducing the number of immigrants allowed into the country.
b. adding to its stock of capital.
c. printing more money.
d. imposing tariffs and quotas on imported goods.
b
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Social cost is the sum of private cost and
a. price b. quantity c. supply d. demand e. external cost
Which of the following statements is most accurate about the Internet and tech companies?
A. The markets they operate in are monopolistically competitive. B. Firms that dominate one market will use large profits from that industry to put competitive pressure on rivals in other markets. C. The most dominant firms in each market only hold about 30 percent of the market share. D. Collusion among firms means that each industry is fully monopolized.
Jane has just sent a gift that was made in the U.S. to her relatives in Italy. As far as the balance of payments is concerned this gift will
A) have no influence on the balance of payments since it was made in the U.S. B) be part of the capital account since the gift is a physical item. C) be considered an export since it has left the U.S. D) be part of the current account as a unilateral transfer.
An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados. The average product of the six
workers will now be A) more than 120 pounds. B) less than 120 pounds. C) equal to 120 pounds. D) greater than the marginal product of labor.