Naturally born members of the U.S. population resisted immigration in the antebellum period for all of the following reasons except
(a) Immigrants were prisoners and outcasts from other countries.
(b) Immigrants could gain political power and possess political influence.
(c) Immigrants displaced U.S. born laborers.
(d) Immigrants brought their own religions and spiritual beliefs.
(a)
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Some economists believe that the economy benefits from firms having market power. Which of the following is an argument that has been made to support this position?
A) Large firms are better able than small firms to spend funds on research and development required to develop new products. B) Research has shown that the deadweight loss from monopolies is a small percentage of the value of production in the United States. C) Competition is very rare in the U.S. economy and few new products are produced by smaller, competitive firms. D) Large firms can afford to lobby the U.S. government in order to impose restrictions on imports and reduce the outsourcing of jobs to other countries.
If a firm finds itself at an output level where MR < MC, then the firm
A. should shut down, since it is losing money. B. should decrease output. C. should increase output. D. should raise the price of its product.
For a monopoly producing any output level greater than one, the average revenue curve:
A. is the same as the demand curve. B. lies about the demand curve. C. lies below the demand curve. D. can be negative.
As more capital per worker is added, a per worker production function generally becomes:
a. flatter because capital is subject to diminishing marginal returns. b. flatter because labor is subject to diminishing marginal returns. c. flatter because capital is subject to increasing marginal returns. d. steeper because capital is subject to diminishing marginal returns.