The single most important contributor to China's economic growth has been ________
A) government-directed credit to key economic sectors
B) strong demand for China's exports
C) rapid improvements in worker productivity
D) a substantial increase in the utilization of labor and capital inputs
D
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The four-firm concentration ratio is the percentage of the ________ accounted for by ________ in an industry
A) normal profit; any four firms B) value of sales; the four largest firms C) economic profit; any four firms D) economic profit; the four largest firms
As the price of a resource falls, all else constant, we observe that:
a. firms substitute the expensive resource for the relatively cheaper resources. b. firms substitute the cheaper resource for the relatively expensive resources. c. the firm's ability to hire the relatively cheaper resources decreases. d. the firm's ability to hire the relatively expensive resources decreases.
Countertrade refers to any one of several different arrangements that parties negotiate so that they can trade goods and services with limited or no use of currency.
a. true b. false
Specialization and international trade allows a nation to:
A. Produce a combination of goods that is beyond (or outside) its production possibilities B. Consume a combination of goods that is beyond (or outside) its production possibilities C. Have an upward-sloping production possibilities curve D. Consume a lot of goods without having to produce any output