The line segment QR describes the region where
A. increases in output do not cause higher prices because of a large portion of unemployed resources.
B. prices and output increase together.
C. increases in prices do not generate any increase in output.
D. increases in prices cause decreases in output.
A. increases in output do not cause higher prices because of a large portion of unemployed resources.
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When nations attempt to move quickly from central planning to a market system, they face the obstacle of high transaction costs in large part because
A) market systems are unnatural and require careful design. B) people who have lived under socialism lack the basic skills a market system requires. C) people who have long lived under socialism are not sufficiently individualistic. D) the experience of socialism makes people distrustful of one another. E) they lack many of the institutions that develop over time in a market system.
Inside information
A) applies to proprietorships only. B) applies to proprietorships and partnerships only. C) applies to corporations only. D) applies to all forms of business.
GDP measures the output produced within a nation's borders
a. True b. False
Which of the following countries is not one of the top three exporting countries in the world?
A) China B) Germany C) South Korea D) the United States