As measured by the amount of trade it does, has the U.S. economy become more internationalized? Provide two reasons for this change
Yes.
reduced transportation costs
reduced communication costs
more light-weight goods
reduced government barriers on trade
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In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?
A) It became linear. B) It shifted down. C) It shifted up. D) It became flatter.
The more complicated the process used to produce a good,
a. the greater are the transaction costs of organizing production through markets b. the lower are the transaction costs of organizing production through markets c. the less likely a firm will use administrative controls to organize the production process d. the more likely a firm will use the market to organize the production process e. the more likely consumers will choose to purchase the good over other alternatives in the market
Cartels in the United States are
a. legal if price is competitively arrived at b. legal if all firms in the industry agree to the terms of the cartel c. legal if all conditions of the cartel are made public d. legal if economic profit earned by the cartel is evenly distributed among the cartel members e. illegal
A demand curve is described as perfectly elastic if
a. any quantity can be sold at a given price. b. the same quantity is sold regardless of price. c. neither price nor quantity demanded ever change. d. only price can change.