Which of the following is most likely to be a monopolistically competitive firm?
A. local Internet provider
B. college textbook publisher
C. wheat farmer
D. computer app maker
Answer: D
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Assuming one can derive a correct input-output table, are there still any reasons to prefer the market to central planning?
Under a fixed exchange rate regime, what will happen to the balance of payments for the United States and Mexico when the demand for Mexican goods rises? What is the only possible solution to this problem, given the fixed exchange rate?
What will be an ideal response?
When a country participates in international trade, its consumption possibilities
A. Always exceed its production possibilities. B. Must still equal its production possibilities. C. Will increase if it is a rich country and will decrease if it is a poor country. D. May increase, but its trading partners consumption possibilities will decrease.
If incomes rose proportionately with prices, then in the absence of taxes
a) money would cease to be a veil b) real GDP would increase c) everyone would be worse off d) prices would have no effect on output or well-being e) resources would be over allocated to the present at the expense of future generations