Recall the Application about the demand and price for margarine to answer the following question(s).Recall the Application. The reason that the change in demand for margarine did not change the equilibrium price in the long run is because the margarine industry is an example of ________ industry.
A. a decreasing-cost
B. an increasing-cost
C. a constant-cost
D. a negative-cost
Answer: C
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When did intellectual property rights become part of trade agreements?
What will be an ideal response?
Assume the natural rate of unemployment in the U.S. economy is 5 percent and the actual rate of unemployment is 9 percent. According to Okun's law, the negative GDP gap as a percentage of potential GDP is
a. 2 b. 4 c. 6 d. 8 e. 10
The appropriate formula for computing Gross Domestic Product using the income approach (excluding depreciation and indirect income taxes) is
A. wages + rent + interest + profits + indirect business taxes. B. wages + rent + interest + profits. C. wages + rent + interest + profits + indirect business taxes + depreciation. D. consumption + investment + government spending + net exports.
As an economy modernizes and its standard of living rises, the proportion of transactions conducted with barter
A. rises. B. falls. C. remains about the same.