International trade and competition from abroad
a. provide domestic producers with a strong incentive to improve the quality of their products and keep their costs low.
b. will make it more difficult for domestic producers to realize fully the potential gains from economies of scale in production.
c. will make it more difficult for domestic consumers in small countries to purchase from large scale producers.
d. do all of the above.
e. do none of the above.
A
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In the long run, inflation is caused by
A) aggressive labor unions. B) greedy monopolists. C) growth in the money supply. D) global warming.
A firm sells 300,00 . units per week. It charges $ 35 per unit, the average variable costs are $ 40, and the average costs are $ 55, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Both a and b d. None of the above
In the monopoly market structure, new firms
a. cannot profitably enter the industry, even in the long run b. may freely enter and leave the industry in both the short run and the long run c. may freely enter and leave the industry in the long run only d. may freely enter and leave the industry in the short run only e. have no incentive to enter the industry, even if economic profits are present
Macroeconomists study
a. the decisions of individual households and firms. b. the interaction between households and firms. c. economy-wide phenomena. d. regulations imposed on firms and unions.