The people who buy insurance are ______________
Fill in the blank(s) with the appropriate word(s).
Answer: risk averse
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When firms exit a monopolistically competitive industry: a. the average total cost curves of remaining firms will shift upward
b. the demand curves of remaining firms are decreased at each level of output. c. the remaining firms will decrease production. d. the average revenue received by remaining firms will increase at each level of output.
Nominal GDP is equal to real GDP multiplied by the GDP deflator
Indicate whether the statement is true or false
The concept of economies of scale becomes especially relevant to international trade when it enables
a. numerous small producers to supply the entire country. b. one or two large producers to supply the entire country. c. numerous large producers to supply the entire country. d. one or two small producers to supply the entire country.
Mary wants to open her own taco stand. Which of the following will probably happen?
a. She will start up her business in a year because she has to wait to get government approval. b. She will start up her business in a month because of low cost and ease of entry. c. She will take six months to start her business because of all the government certificates she has to get. d. She will take three months to start her business because she has to borrow to pay start-up fees.