Which of the following economic conditions cause export growth to be a basis for faster overall economic growth?
A) Diseconomies of scale in production for the domestic market
B) A larger-than- average service sector
C) A larger-than-average manufacturing sector
D) High and constant levels of productivity in export production
E) Economies of scale in production for the world market
E
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Which of the following firms is considered a monopolistically competitive firm using the four-firm concentration ratio?Firm A: Four-Firm Concentration ratio=35%Firm B: Four-Firm Concentration ratio=25%
A. Firm A B. Firm B C. Both Firm A and Firm B D. Neither Firm A nor Firm B
Assume that a firm's marginal cost is $10 and the elasticity of demand is -2. We can conclude that the firm's profit maximizing price is approximately
A) $20. B) $5. C) $10. D) The answer cannot be determined without additional information.
As one moves down a straight-line, down-sloping demand curve, price elasticity will:
a. change from elastic, to unit elastic, then to inelastic. b. remain the same between any two points. c. change from inelastic, to elastic, then to unit elastic. d. change from unit elastic, to elastic, then to inelastic. e. change from elastic, to inelastic, then to unit elastic.
Perfect income equality means:
A. everyone earns exactly what they're worth. B. everyone earns the exact same amount. C. people earn different amounts based on what they do, but everyone in the same job earns the same amount. D. everyone enjoys exactly the same standard of living.