Suppose the growth rate of GDP in the United States is 4.2 percent. If 2.9 percent and 1.3 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is:
A. 0 percent.
B. 1.3 percent.
C. 2.9 percent.
D. 4.2 percent.
Answer: A
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If a tariff is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
The invisible hand is mostly guided by:
A) costs of production. B) quantity of goods and services sold. C) market prices. D) government intervention.
A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known as
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
When a monopolist is able to price-discriminate: a. its profits tend to increase and its output tends to fall. b. both its profits and output tend to increase
c. both its profits and output tend to decrease. d. its profits tend to fall and its output tends to increase.