Which of the following statements about a firm, which is a price taker is false?
(a) The firm will sell its product at the market price.
(b) The demand for firm's product will increase, if price is increased above the market price.
(c) The demand for firm's product will decrease, if price is increased above the market price.
(d) None of the above.
Answer: (b) The demand for firm's product will increase, if price is increased above the market price.
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If nominal GDP for 2009 is $6400 billion and real GDP for 2010 is $6720 billion (in 2009 dollars), then the growth rate of real GDP is
A) 0%. B) 0.5%. C) 5%. D) 50%.
The Clayton Act allowed board members of one corporation to sit on the board of a competing firm as long as inside information was not transmitted
a. True b. False Indicate whether the statement is true or false
A risk lover enjoys the gamble and the thrill of taking the risk enough that it adds ___________ to their income to take the gamble
Fill in the blank(s) with the appropriate word(s).
The reasons why per capita GDP in the U.S. is significantly higher than in some other rich countries like, say, France include the following, except:
A. U.S. citizens put in substantially more work hours than do citizens of France B. Cultural differences between the U.S. and France regarding the right balance between labor and leisure C. Differences in the tax structure and the resulting incentive effects of taxes D. Differences is the communication technology due to language differences