Which of the following is a main conclusion about growth for OECD countries and the four rich countries examined in the chapter?
A) There has been a large increase in the standard of living since 1950.
B) The growth rates have decreased since the mid-1970s.
C) There has been a convergence of output per capita since 1950.
D) all of the above
E) none of the above
D
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Domestic producers might oppose free trade agreements because
A. there could be a decrease in producer surplus. B. there could be an increase in consumer surplus. C. there could be an increase in producer surplus. D. there could be a decrease in consumer surplus.
A cartel is defined to be
A) any oligopolistic industry with fewer than 4 firms. B) a form of oligopoly in which firms agree to sell at different prices like in monopolistic competition. C) a form of oligopoly in which firms formally agree to establish a common strategy, often a common price, in effect acting like a monopoly. D) a form of oligopoly in which firms agree to compete with each other on an equal basis.
A study by economists at the International Monetary Fund compared increases in inflation rates in countries with and without specific inflation targets based on the surge in oil prices in 2007. The results provide
A) no evidence that countries with specific inflation targets were any better off than countries without specific inflation targets. B) evidence that countries with specific inflation targets actually experienced greater increases in inflation than did countries without specific inflation targets. C) evidence that countries with specific inflation targets did experience lower increases in inflation than did countries without specific inflation targets. D) evidence that countries with specific inflation targets experienced no increases in inflation, whereas countries without specific inflation targets experienced significant increases in inflation.
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue
a. True b. False Indicate whether the statement is true or false