Fill in the blank: By 2011, U.S. GDP was approximately ________ times greater than it had been in 1820, while GDP in India was approximately ________ times greater than it had been in 1820
A) 50; 40
B) 775; 10
C) 200; 85
D) 315; 700
E) 5; 10
B
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In perfect competition, ________
A) there are restrictions on entry into the market B) firms in the market have advantages over firms that plan to enter the market C) only firms know their competitors' prices D) there are many firms that sell identical products
Which area in the above figure shows the consumer surplus at the price and quantity that would be attained if the industry were perfectly competitive?
A) A + B + C + D B) A + B + C + D + E C) F + G + H D) A + B + C + D + E + F + G + H
From 2004 to 2006, the U.S. budget was ________, private saving was ________ domestic investment, and foreign borrowing was ________
A) in deficit, less than, needed to finance deficit B) balanced, roughly equal to, not needed to finance deficit C) balanced, less than, substantial. D) surplus, greater than, negligible
Shift to the left or right for supply:price of product
What will be an ideal response?