International trade does all the following except
a. allow a country to specialize in producing certain goods and services.
b. reduce world output.
c. allow a country to move to higher consumption levels.
d. increase world output.
B
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A nation's real GDP was $250 billion in 2014 and $265 billion in 2015. Its population was 120 million in 2014 and 125 million in 2015. What is its real GDP growth rate in 2015?
A. 1.1% B. 5.7% C. 6.0% D. 15.0%
Answer the following statement(s) true (T) or false (F)
1. When faced with a rent increase, the firm's best policy is to use a small price increase to compensate for some, but not all, of the loss. 2. A change in a variable cost causes a parallel upward shift in the marginal cost curve. 3. When the price of fabric falls, it does not benefit a clothing manufacturer to lower its prices since that will only reduce its profit margin. 4. If 1,000 yards of denim can produce 10,000 pairs of jean, then 2,000 yards of denim can produce 20,000 pairs of jeans and 30,000 yards of denim can produce 30,000 pairs of jeans. 5. Since Marginal Revenue measures the additional revenue generated by selling one more unit of the product, it must always be positive.
According to the text, "economics tempers the enthusiasm of a manager to focus on the customer" because
A) customers hardly know what they want. B) focusing solely on the customer may ignore other important elements of business success. C) it shows the manager that the greatest benefit to the firm is to sell more. D) it enables the manager to see that any kind of customer focus is not worth the costs. E) it ensures that managers will find equilibrium.
Suppose a perfectly competitive market is in equilibrium, and then market supply increases. Which of the following would happen?
a. producer surplus would definitely increase and consumer surplus may increase or decrease b. producer surplus would definitely decrease and consumer surplus may increase or decrease c. consumer surplus would definitely decrease and producer surplus may increase or decrease d. consumer surplus would definitely increase and producer surplus may increase or decrease e. producer and consumer surplus would remain unchanged