The largest exporter of goods and services in the world is
a) China
b) European Union
c) Japan
d) Mexico
e) Saudi Arabia
b) European Union
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Nonlinear price discrimination
A) sets the price consumers pay based on quantity purchased. B) is where the firm sets prices in geometrically or exponentially decreasing price points. C) is used in situations where consumers have no reservation prices. D) eliminates deadweight loss.
Any improvement in overall production technology that permits more output to be produced with the same level of inputs causes
A) a movement up the supply curve resulting in both a higher equilibrium price and quantity. B) a rightward shift of the supply curve so that more is offered at each price. C) no movement of the supply curve, but a fall in price and a decrease in quantity supplied. D) a leftward shift of the supply curve so that less is offered for sale at each price.
Which of the following types of unemployment is likely to exist in an economy that is at its potential output level?
a. Cyclical unemployment only b. Structural unemployment only c. Frictional, cyclical, and seasonal unemployment only d. Frictional, seasonal, and structural unemployment only e. Seasonal unemployment only
A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices. b. a market where goods and services can be obtained at lower prices. c. a government-mandated market where controls are placed on prices. d. a market where exchanges are made using bartering.