In 2010, the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000 . In 2011 the population was 6,200 and real GDP of 128,960 . Over the year in question, real GDP per person in Mainland grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years.
b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years.
c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years.
d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
c
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In an oligopolistic market, each firm
A) has a constant marginal cost. B) faces a perfectly elastic demand function. C) must consider the reaction of rival firms when making a pricing or output decision. D) produces at minimum average cost in the long run.
An ideal pollution control policy: a. would reduce pollution to zero
b. would reduce pollution to the socially efficient level. c. discourage firms from wasting time developing abatement technologies. d. reduce pollution as quickly as possible, regardless of the cost.
A distinguishing characteristic of monopolistic competition is that there are many firms in an industry.
Answer the following statement true (T) or false (F)
In the knowledge economy
A) the supply chain has been decomposed. B) property rights have been altered. C) increasing returns may occur more often. D) all of these choices.