Economic growth
a. involves both benefits and costs
b. is beneficial to the economy only if it arises from population growth
c. is beneficial to the economy only if it arises from technological change
d. involves costs that usually outweigh the benefits
e. imposes costs because it requires a movement along the production possibilities frontier
A
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During the colonial period there were no apparent economies of large-scale production in:
a. rice. b. wheat. c. tobacco. d. indigo.
One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient. B. there are no information asymmetries. C. the similarity in products may be real or perceived. D. the market has a low degree of competition.
According to the excess capacity theorem, if every firm under monopolistic competition expanded its output,
A. cost per unit of output would rise. B. social benefits would increase. C. cost per unit of output would decrease. D. MC and AC would remain unchanged.
Two identical firms that share a market and produce a homogeneous good will find which of the following market outcomes LEAST desirable?
A) Bertrand Oligopoly B) Cournot Oligopoly C) Cartel D) All are equally preferable.