Which of the following explains the relatively high growth rate of output in China since 1980?
A) accumulation of capital
B) technological progress
C) a transition from central planning to a market economy
D) all of the above
C
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The elasticity of demand for chocolate chip cookies is 0.6 and the elasticity of supply for these cookies is 1.9. If a tax is imposed on purchases of chocolate chip cookies, then the
A) consumers would pay more of the tax. B) producers would pay more of the tax. C) tax would be equally shared by the consumers and the producers. D) consumers would pay the entire tax because their demand is less elastic than the producers' supply.
In the short run both the monopolistically competitive firm and the perfectly competitive firm will charge a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false
In perfect competition, no individual producer can significantly affect the market price because
a. the market is regulated by the government b. each producer is ignorant of the market price c. each producer provides a very small portion of the total market supply d. strictly enforced collusion prevents any producer from acting independently e. each firm's product is so different that there is no market price