Recall the Application about how technological advances in another country may hurt the United States to answer the following question(s). In this Application, how is the United States hurt when the Chinese gain access to U.S. technology?
A. When China's access to technology causes the U.S. to lose comparative advantage in both high-tech and consumer goods.
B. When China's access to technology causes the U.S. to export high-tech goods and import consumer goods.
C. When China's access to technology causes the U.S. to import high-tech goods and export consumer goods.
D. When China's access to technology causes the U.S. high-tech goods to become cheaper.
Answer: A
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The above figure shows the U.S. market for wheat. With international trade, U.S. consumers buy ________ tons of wheat and U.S. producers produce ________ tons of wheat
A) 500,000; 500,000 B) 300,000; 500,000 C) 300,000; 700,000 D) 700,000; 300,000 E) 500,000; 700,000
The "urban consumers" that the CPI is based on includes anyone living in a city of:
A. 2,500 or more. B. 50,000 or more. C. 100,000 or more. D. 150,000 or more.
The four firm concentration is a measure of
a. the percentage of total output of the four largest firms in an industry b. the total output of the fourth largest firm in an industry c. the percentage of total sales of the four largest firms in an industry d. the total output or sales of the four largest firms in an industry e. either a or c
If a pure monopolist is producing at that output where P = ATC, then:
A. its economic profits will be zero. B. it will be realizing losses. C. it will be producing less than the profit-maximizing level of output. D. it will be realizing an economic profit.