Border effects can result from:
a. trade.
b. tariffs.
c. monopolistic competition.
d. imperfect competition.
Ans: b. tariffs.
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The loss-minimizing output for the perfectly competitive firm occurs at the point at which
A) TR - MR = minimum. B) TR - TC = maximum. C) MR = MC. D) TC - ATC = maximum.
In barometric price leadership, one firm announces a change in price
a. and the other firms follow b. but the other firms refuse to follow c. that it hopes will be accepted by others d. which is merely a test of the market e. none of the above.
Refer to the diagram, in which Q f is the full-employment output. If the economy's current aggregate demand curve is AD 0 , it is experiencing:
A. a positive GDP gap.
B. a negative GDP gap.
C. inflation.
D. an adverse supply shock.
A government policy of providing job training for unskilled youths is an example of a policy to promote economic growth by:
A. increasing the availability of natural resources. B. improving technology. C. increasing physical capital. D. increasing human capital.