In Argentina, agricultural production is directly related to
A) government subsidies.
B) price controls.
C) import tariffs.
D) well-defined property rights..
D
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The long run is a planning period:
A. during which the firm can vary all inputs including its plant size. B. less than six months. C. less than one year. D. less than five years.
Assume the Marshall-Lerner condition holds. Which of the following will cause an increase in net exports?
A) an increase in government spending B) an increase in investment C) a reduction in foreign output D) a reduction in the real exchange rate E) all of the above
A member of a cartel like OPEC has an incentive to
A) argue for larger production quotas for each member of the cartel. B) agree to a low cartel production level and then produce more than its quota. C) abide by its individual production quota. D) support equal production quotas for each member.
A profit-maximizing monopolist earns an economic loss whenever
A) it pays taxes to the government on each unit of output it produces. B) the price it charges for its product exceeds average total cost. C) the demand curve lies completely below the ATC curve. D) it produces along the elastic portion of a demand curve.