Refer to Table 1-3. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
B
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A large open economy
A) dominates world trade in one or more products. B) is physically larger than all small open economies. C) has a larger population than all small open economies. D) lends or borrows enough in the international capital market to influence the world real interest rate.
Tariffs
a. benefit consumers by lowering prices b. harm producers by decreasing competition in the product market c. harm consumers by increasing the quantity of goods available d. skew the terms of trade in favor of importing nations e. benefit domestic producers because they can charge higher prices and sell more output
A firm that is a "pure monopoly" is
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run. b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry. c. the only buyer of a unique raw material. d. the producer of a product subsidized by the government.
The significant increases in oil prices during the late 2000s was an example of
A. an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP). B. an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP). C. an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP). D. an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP).