The United States is known worldwide as being a low-tariff nation.
Answer the following statement true (T) or false (F)
True
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If other factors remain unchanged, technological progress in producing good A definitely will lead to
A. an increase in the market clearing price of good A and a decrease in the equilibrium quantity of good A. B. a decrease in both the market clearing price and the equilibrium quantity of good A. C. an increase in both the market clearing price and the equilibrium quantity of good A. D. a decrease in the market clearing price of good A and an increase in the equilibrium quantity of good A.
If a product becomes more popular and consumers want more produced, which of the following best describes what happens to move more factors of production into that industry?
A) An agency of the Federal government directs the movement of factors. B) The chief executive officers or presidents of corporations require that factors leave one industry and move to the other industry. C) Factor owners voluntarily move their factors because they want to satisfy the interests of consumers. D) Wages, rent, interest, and profit increase in that industry, thereby giving factors the incentive to move to that industry. E) Consumers increase their demand for the products and, as a result, the taxes the producers must pay decrease enabling the producers to hire more factors of production.
Which of the following events will increase long-run aggregate supply?
A) an increase in the interest rate B) an increase in resource prices C) a decrease in expected profit D) an advance in technology
The market for wheat can be described at perfectly competitive while the market for pizza is better described as monopolistically competitive
Which of the following is a NOT a similarity between perfectly competitive and monopolistically competitive firms? A) Both monopolistically competitive and perfectly competitive firms produce at their efficient scale. B) Both monopolistically competitive and perfectly competitive firms are free to enter and exit the market. C) Both monopolistically competitive and perfectly competitive firms have a small market share. D) There are a large number of firms in both monopolistically competitive and perfectly competitive markets.