Which of the following has not been suggested as a reconciliation of Leontief's findings?
A) international differences in tastes
B) U.S. tariff structure
C) failure to take into account natural resources
D) temporary data problems immediately after World War II
D
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The dollar price of a good relative to the average dollar price of all other goods and services is the good's:
A. nominal price B. equilibrium price C. market price D. real price
Which market structure is characterized by the following characteristics? i. A large number of firms compete. ii. Each firm produces a differentiated product. iii. Firms are free to enter and exit
A) perfect competition B) duopoly C) oligopoly D) monopolistic competition E) monopoly
Higher protection raises the overall level of employment
Indicate whether the statement is true or false
If demand increases while supply simultaneously decreases, then the equilibrium quantity
A) always increases. B) always decreases. C) can never change. D) none of the above