In perfect competition, changes in an individual firm's output will change the overall market price
a. True
b. False
Indicate whether the statement is true or false
False
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To eliminate a recessionary gap, the government can ________ government expenditures on goods and services or ________ taxes
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
Which of the following statements best describes consumer surplus in the supply and demand model?
a. Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve. b. Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve. c. Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve. d. Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.
Which of the following statements about comparative advantage is FALSE?
A. International trade will benefit an entire economy, but some particular groups of people may be hurt by expanding trade. B. A country's comparative advantage cannot be determined by looking only at its own economy. C. Expanding international trade hurts a nation's economy if it causes the nation's currency to depreciate. D. There is always a trade between two countries that can make both better off.
When the evolution of new technologies is unknown, or it is unclear which country has the "best" rules for standards, the adoption of ________ is the superior option
A) a harmonization of standards B) separate standards C) mutual recognition standards D) larger country standards