The average annual growth rate of gross domestic product in the world as a whole during the quarter century following World War II was very close to
What will be an ideal response?
five percent.
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Refer to Figure 13-12. If the diagram represents a typical firm in the designer watch market, what is likely to happen in the long run?
A) The firms that are making losses will be purchased by their more successful rivals. B) Inefficient firms will exit the market and new cost-efficient firms will enter the market. C) Firms will have to raise their prices to cover costs of production. D) Some firms will exit the market causing the demand to increase for firms remaining in the market.
Which of the following best explains why marginal cost eventually increases as output increases?
a. economies of scale occur b. average cost increases c. total cost increases d. marginal product decreases e. fixed cost is constant
An increase in the price of a particular good, with all other variables constant, causes
a. a movement along a given supply curve to a lower quantity supplied b. a shift to a different supply curve with lower quantities supplied c. a movement along a given supply curve to a higher quantity supplied d. a shift to a different supply curve with higher quantities supplied e. no movement along a given supply curve unless demand also changes
The gains from joining a trade bloc are tied to trade diversion and the losses are tied to trade creation.
Answer the following statement true (T) or false (F)