Which of the following is not considered a criticism of globalization?
a. International corporations serve only the interests of the corporations.
b. Globalization promotes "free" but not "fair" trade.
c. Globalization encourages harmful labor practices.
d. Globalization promotes only trade based on comparative, and not absolute advantage.
e. Globalization occurs at the cost of environmental quality.
d
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The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
A decrease in the growth rate of labor productivity is likely to cause a decrease in ________
A) the growth rate of the real wage B) the growth rate of the marginal product of capital C) the growth rate of the labor supply D) the share of labor income in national income E) none of the above
Which of the following represents key strengths of the market economy as a system of allocation?
a. Goods and services are allocated based on willingness and ability to pay, rather than based on need. b. Producers have strong incentives to innovate because successful innovators are rewarded with higher profit. c. Since price is freely set based on supply and demand, shortages and surpluses are minimized. d. Both b. and c. above are correct.
If the short run elasticity of demand for widgets is 0.4 and the long run elasticity of demand for widgets is 0.95, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.