During economic fluctuations, markets tend to move
a. together.
b. in random directions.
c. in opposite directions.
d. in many different directions.
a
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Import restriction in advanced economies deny developing economies access to the food market of the advanced economies. The result is ________ price and ________ farm production in the developing economies
A) lower; larger B) lower; smaller C) higher; smaller D) higher; larger E) stable; smaller
The United States imports garments from third world countries. This means that if the U.S. economy were closed, the domestic price of goods would be ________ the world price of garments.
A. less than B. equal to C. greater than D. close to
When a purely competitive firm is in long-run equilibrium:
A. marginal revenue exceeds marginal cost. B. price equals marginal cost. C. total revenue exceeds total cost. D. minimum average total cost is less than the product price.
The Undercover Economist chapter on "How China Became Rich" explains how
A) Centrally planned agricultural policies of Mao that dictated the crops to be grown and the methods to be used led to the starvation of millions of Chinese B) China began to develop because of its emphasis on its agricultural economy C) Although Communist, China privatized almost all production equipment and allowed managers full production discretion by the late 1970s D) Changes from central planning that incentivized managers in China to pay attention to markets helped transform the country's economy