Which of the following always causes a deviation from perfect competition?
a. a government subsidy
b. a large number of sellers
c. a standardized product
d. a large number of buyers
Ans: a. a government subsidy
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The ________ nature of economic growth is one of the major reasons why there are large differences in GDP per capita across countries
A) linear B) quadratic C) exponential D) logarithmic
Based on Scenario 6.1 above, value added in the United States is
A) $500. B) $600. C) $400. D) $300. E) None of the above.
The evidence indicates that during the 1770s, the American colonists were
(a) among the most heavily taxed people in the European world. (b) among the most lightly taxed people in the European world. (c) taxed at a rate that was similar to other people in the European world. (d) taxed at rates that can't be compared to other rates due to lack of data.
A compensating wage differential is
a. the difference between the wage of an individual working in favorable conditions and the wage of an individual working in unfavorable conditions b. compensation paid to an individual for working in a less desirable environment c. premium paid to a security holder to compensate him for bearing a higher risk d. Only A&B