Strong evidence of convergence exists for ________
A) wealthy nations that belong to the Organization for Economic Cooperation and Development
B) both rich and poor nations
C) sub-Saharan African economies and the economies of North America
D) European and Caribbean economies
A
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Gains from specialization and mutually beneficial trade ________ wealth or well-being.
A. increases B. decreases C. dilutes D. moderates
The producer surplus on a unit of a good is
A) equal to the marginal benefit from the good minus its price. B) equal to the price of the good minus the marginal cost of producing it. C) always equal to consumer surplus. D) Both answers A and C are correct. E) Both answers B and C are correct.
Which of the following are NOT traded in a capital market?
A) U.S. government agency securities B) state and local government bonds C) repurchase agreements D) corporate bonds
What is the potential drawback if firms follow a price leadership model in an actual market?
A) The price leader's behavior may be interpretted as collusion and be subject to antitrust sanctions. B) Excessive price signalling may force all of the firms to adopt price-taking strategies, which reduces overall profits among the firms. C) Disputes about which firm should be the price leader may lead to price wars. D) Signalling efforts increase the firms' fixed costs of production.