In the U.S., combined wealth losses by firms from litigation have been estimated to be___________ per lawsuit.
A. $2 billion
B. $200 million
C. $21 million
D. $20 billion
Answer: C
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Refer to Figure 19-2. Which of the following would cause the change depicted in the figure above?
A) A new trade agreement with China results in the United States removing all tariffs on clothing imported from China. B) The Chinese increase their preferences for goods produced in the United States. C) Lack of investment in infrastructure causes U.S. productivity to fall relative to Chinese productivity. D) Tainted cat food from China causes U.S. consumers to decrease their preferences for Chinese goods relative to U.S. goods.
Answer the following statements true (T) or false (F)
1. The U.S. economy is a mixture of perfect and imperfect competition and regulated and non regulated industries. 2. Self -interest is a major tenet of economic liberalism. 3. Laissez-faire is a policy of government nonintervention in the economy. 4. Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses.
Refer to Figure 15-15. If the government regulates Erickson Power Company so that the firm can earn a normal profit, the price would be set at ________ and the output level is ________
A) P3, Q2 B) P1, Q4 C) P2, Q2 D) P2, Q3
Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:
A. GDP in 2010 is $450 billion. B. NDP in 2010 is $450 billion. C. GDP in 2010 is $500 billion. D. inventories in 2010 fell by $50 billion.