Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the supply of ketchup.
B. a decrease in the demand for ketchup.
C. an increase in the demand for ketchup.
D. a decrease in the supply of ketchup.
Answer: B
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Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 200 computers are produced per week
Given this information, the marginal product of the third worker is A) 210 computers per week. B) 70 computers per week. C) 60 computers per week. D) 50 computers per week.
The General Agreement on ___________ and Trade (GATT) was established to provide a forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade.
a. Travel b. Taxes c. Tariffs d. Transfers
A business-stealing externality is
a. an externality that is likely to be punished under antitrust laws. b. the negative externality that occurs when one firm attempts to duplicate exactly the product of a different firm. c. an externality that is considered to be an explicit cost of business in monopolistically competitive markets. d. the negative externality associated with entry of new firms in a monopolistically competitive market.
The main criticism leveled at the rational expectations theorists is that _________________.
Fill in the blank(s) with the appropriate word(s).