The addition of new resources often enables a nation to
a. produce more goods and services
b. produce less goods and services
c. produce more goods but fewer services
d. invade other nations and steal their resources
Ans: a. produce more goods and services
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A monopolistically competitive market has characteristics that are similar to
a. a monopoly only. b. a competitive firm only. c. both a monopoly and a competitive firm. d. neither a monopoly nor a competitive firm.
Consumer groups tend to lobby for
A) price floors. B) price ceilings. C) quantity quotas. D) taxes.
If the rate of interest is fixed, a profit-maximizing firm will employ capital up to the quantity where MRP = interest rate
Indicate whether the statement is true or false
Explain four problems with the argument that trade protection is needed to protect American jobs.
What will be an ideal response?