An increase in nominal GDP could result from an increase in
i. production.
ii. prices.
iii. subsidies.
A) ii only B) i and ii C) i, ii, and iii D) i only E) i and iii
B
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A market dominated by a few large sellers who sell identical or differentiated products is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Name the four types of market structure in order from most competitive to least competitive
What will be an ideal response?
As units of input are added to the production process, the marginal product
a. increases throughout. b. at first increases, then eventually decreases. c. remains the same. d. declines then rises.
Most regional trade and WTO agreements practice
A) the harmonization standards only. B) separate standards only. C) mutual recognition standards only. D) a combination of harmonization, mutual recognition, and separate standards. E) only the standards set out by the WTO.