Most successful examples of modern economic growth have occurred in a country with
a. a temperate-zone climate.
b. a market economy.
c. exports of manufactured goods.
d. all of the above.
D
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What is the difference between a normal profit and an economic profit?
What will be an ideal response?
If we wanted to analyze the effects of a $2 unit tax graphically, we would shift the
A. demand curve downward by $2. B. demand curve upward by $2. C. supply curve upward by $2. D. supply curve downward by $2.
The fact that consumers will purchase more of a good that has become relatively cheaper
A) is called the nominal income effect. B) is called the substitution effect. C) leads to an upward sloping demand curve. D) leads to negative marginal utility.
Assume that a monopolist faces the demand schedule given below, and a constant marginal cost of $2 for each unit of output. To maximize profits, this monopolist would produce ____ units of output and charge a price of ____ per unit.
a. 1 unit; $8 b. 2 units; $5 c. 3 units; $3 d. 4 units; $1