Which of the following is defined as the percentage by which the entire set of a nation's trade barriers raises an industry's value added per unit of output?
A. Effective rate of protection
B. Revenue effect
C. One-dollar, one-vote metric
D. Terms-of-trade effect
Answer: A
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Firms in monopolistic competition can achieve product differentiation by
A) expanding plant size. B) exploiting economies of scale in production. C) advertising special characteristics. D) setting the price equal to average revenue.
Economies of scale can
A) result in an increasing cost industry. B) cause input prices to drop. C) prevent the entry of new firms into a market. D) reduce the rate of return which the firm may earn.
There is a distinction between the long-run aggregate supply (LRAS) curve and the short-run aggregate supply (SRAS) curve. In the long run
A. technology is fixed, but not in the short run. B. all adjustments to changes in the price level have been made, but in the short run all changes in the price level do not occur. C. the price level is constant in the long run, but fluctuates in the short run. D. the aggregate supply curve is horizontal, while in the short run it is upward sloping.
The price of hard drives used in the manufacturing of laptop computers has risen. This will lead to ________ laptop computers.
A. an increase in the supply of B. a decrease in the supply of C. a decrease in the quantity supplied of D. an increase in the quantity supplied of